Βι¶ΉΣ³» boosts UK economy by almost half a billion each year
By: Lauren Ellis
Last updated: Wednesday, 21 June 2023
The Βι¶ΉΣ³» contributes £495 million each year to the UK economy and supports 7,800 jobs, as outlined in the latest Economic Impact Report 2020/2021 published today Wednesday 20 June 2023.
The report was commissioned by the University to understand its economic and social impact on the region and the wider UK economy. This latest report shows a steady increase in the ways the University boosts the economy.
Conducted by independent analysts, Oxford Economics, the report shows that the University plays a huge part in driving regional growth and contributes £428 million to the regional economy, which is almost 1.5% of the total GDP of Greater Brighton. This figure is calculated by taking into account the impact of the University’s operational spending, the employment it provides, the contribution to the economy by students and the research and development expenditure in the region. The report also shows that in 2020-21, the University supported 7,800 jobs across the UK and one in 80 jobs in the Greater Brighton area (6,800 jobs).
Professor Sasha Roseneil, Vice-Chancellor at the Βι¶ΉΣ³», said:
“The Βι¶ΉΣ³» brings huge economic benefits to the region and contributes significantly to the nation’s wealth and well-being. We are also boosting the economy with our world-leading research and social impact, with one in four of our students staying in the region to work after graduating.
“Entrepreneurialism by our researchers and our students is also attracting external investment, creating jobs and bringing real-world benefits in technological innovations and social advances.”
The University is recognised for its research activity, with the Research Excellence Framework 2021, categorising 89% of Βι¶ΉΣ³»’s research as ‘world-leading’ or ‘internationally excellent’. By 2030, the University's investment into research and innovation is estimated to boost the national economy by £31.3 million.
Over the last three years, the University has supported five spin-out companies including (a spin out company developing new therapies for breast cancers and potentially other cancer types) and as well as 37 new graduate start-ups.
Universal Quantum is working in close collaboration with the University’s scientists to build the world’s first utility scale quantum computer, capable of holding millions of qubits. Universal Quantum was successful in raising Venture Capital from household name investors and was recently awarded a contract of €67M to build two quantum computers for the German Space Agency. Universal Quantum is headquartered in Greater Brighton, with its German subsidiary based in Hamburg, and promotes a diverse and inclusive workforce as a member of the Tech Talent Charter.
Around one third of live quantum technology projects are developed with an industrial partner. This technology could potentially bring further economic benefits, including investment, to the economy.
Prof Winfried Hensinger, director of the Βι¶ΉΣ³» Centre for Quantum Technologies and Chief Scientist and Chairman of Universal Quantum explains:
“We are working very much to create a quantum Silicon Valley along the M23 corridor with Greater Brighton at the very heart of it. The Βι¶ΉΣ³» is working with all seven regional authorities and government to capitalise on the research strength at the Βι¶ΉΣ³» Centre for Quantum Technologies and generate a quantum tech sector in the region. At the same time, the Βι¶ΉΣ³» offers a wide range of pioneering degree programmes to assist creating a workforce for the emerging quantum technology industry sector.”
In addition to the University’s research impact, the University has strong ties to the community, actively engaging and partnering in local events including Brighton Festival and Brighton Pride, both of which have generated millions of pounds for the city.
The Βι¶ΉΣ³» Clinical Legal Education facility is another example of the University’s social impact. Sat within the University’s Law department, the facility sees law students, supported by their lecturers, offer a variety of pro-bono legal services to the local community.
More than a quarter of Βι¶ΉΣ³» graduates go on to find employment locally, meaning the skills they have obtained from the University are invested back into the local economy, companies and services. 40% of graduates go on to work in professions that help to make a social impact, including teachers, social workers and doctors.