London universities bring £5.8bn to the economy

London's higher education institutions generated £5.8 billion in revenue in 2011-12, more than those in any other region of England and more than five times that generated by the north-east's institutions. However, London has eight times as many institutions as the north-east.

The data come from a series of reports published on 3 April by vice-chancellors’ group Universities UK. They reveal the different levels of international revenue, job creation and off-campus expenditure for institutions in each region of England. 

London has 40 higher education institutions, which is more than any other region. They brought in £1.3bn in international revenue in 2011-12, as well as an estimated £1.2bn in off-campus spending by international students, and provided 56,896 full-time jobs. As well as generating £5.8bn directly, the capital’s universities helped to generate £7.9bn through their knock-on effects on industry (for example, by buying services from a wide range of suppliers who have to make purchases to fulfil university orders). The majority of that knock-on revenue remained in London.