Royal Holloway, University of London, is making a significant contribution to the national and local economy.
Royal Holloway, University of London, is making a significant contribution to the national and local economy according to a new independent review of the economic contribution of the university. The report also concludes that the university’s economic contribution has exceeded previously held forecasts for Gross Value Added (GVA) and jobs supported.
The review, carried out by Biggar Economics, shows that from the £657.1m that Royal Holloway contributes to the UK economy, £221.3m goes to the county of Surrey and £190.8m to the university’s local borough of Runnymede. Royal Holloway also supports employment, generating 7,150 jobs across the UK with more than 3,000 jobs in Surrey and 2,760 jobs locally in Runnymede.
Professor Paul Layzell, Principal of Royal Holloway, said: “Universities are engines for innovation helping to drive local, regional and national economic growth, and this report quantifies the true scale of Royal Holloway’s contribution.
“Our previous economic impact report from 2014 forecasted that, by 2020-2021, Royal Holloway could be contributing £592m to the UK economy. This latest report reveals that the economic value we deliver has exceeded that estimate by over £65 million, and a year ahead of the predicted schedule. This achievement points to the quality of the educational offer which each year attracts more students to Royal Holloway, many of whom go on to work in high value industries locally, and the strength of our research which draws investment from partners and collaborators from across the UK and internationally.”
Royal Holloway collaborates with businesses across Surrey and the UK, responding to requests to support innovation and is grateful to employers across the region who support placement and job opportunities for students and graduates.
The university’s strategic plan, launched in 2021, articulates a focus on challenge-led research, which will channel its research strengths towards solving real world challenges for our modern times. The Biggar Economics report projects that the strategic plan will impact on the university’s economic contribution, resulting in an estimated additional £214m contribution to the UK economy, and generating a further 1,400 jobs by 2029-2030.