The Open University had a £2.77 billion impact on the UK economy in 2018-19, a landmark report into the economic and social impact of the OU reveals.
The new report compiled by London Economics The economic and social impact of The Open University in 2018-19 quantifies the overall economic impact of the OU across the UK as a whole and each devolved nation.
The new figures place the total yearly economic impact associated with The Open University’s activities across the UK economy at £2.77bn – a figure which covers teaching and learning, research, exports and direct, indirect and induced impacts.
With the economic and social impact of the Covid-19 pandemic to be felt for years to come, the report’s findings demonstrate the value of the OU’s world renowned model of flexible supported learning, reinforcing the importance of and value in more flexible higher education provision.
The report shows:
- Total annual economic impact of The Open University (OU) was £2.77bn in 2018-19, with £619m of that figure returning to the Exchequer
- Report shows impact of flexible distance learning on the UK Government’s priority to level up opportunity as 85 per cent of graduates remain in the location where they studied
- The average graduate premium significantly increases for adult learners whose highest level of prior attainment was GCSEs or below – this group is estimated to earn an average of £252,000 more in real terms over the rest of their career
- Implications for lifelong learning are also clear, with survey results among OU alumni highlighting the positive benefits on health and work.
Significantly, the report reveals that the vast majority (85%) of graduates from The Open University remain in the location where their study was undertaken, meaning investment in talent and skills, benefits local communities across every corner of the UK, in line with the UK Government’s priority to level up opportunity around the country.
