The creation of more than 19,000 jobs across the UK, £1.86 billion for the UK economy and an estimated £1 billion contribution to gross domestic product (GDP) is the result of EU research funding, according to the ‘Economic impact on the UK of EU research funding to UK universities’ report commissioned by Universities UK.
Based on data produced for the academic and financial year 2014/15 and carried out in May 2016, found that EU funding had supported 8,864 direct jobs in the university sector; in addition to a contribution of nearly £577 million to GDP and £836 million in economic output.
President of Universities UK, Dame Julia Goodfellow, said: “EU research funding helps our universities to thrive, enabling UK researchers to collaborate with the best minds from across the EU in order to tackle global problems, from cancer to climate change. What is clear from this new analysis is that this EU funding also benefits the UK economy, boosting growth and creating jobs both directly and indirectly in a range of sectors in all corners of the UK.”
She continued: “EU support goes far beyond money. It also provides irreplaceable networks and frameworks which enable our researchers to have a genuine impact on society by pursuing breakthroughs, discoveries and inventions which improve our lives.”
Download the full report here