Cardiff Business School boosts the Welsh economy by an estimated £76M per year, a new report into the economic impact of UK Business Schools has found.
Experts from the Nottingham Business School, examining the impact of some of the UK’s leading Business Schools in the UK, found that Cardiff Business School has a major economic impact on the local, regional and national economy of Wales.
Estimating Cardiff University’s overall impact on the Welsh economy to be £760M, the report estimates Cardiff Business School accounts for ten per cent of overall University activity.
“At a time when higher education institutions’ role in society is being scrutinised more intensively than ever, it’s important that we are able to demonstrate our impact on the Welsh economy,” according to Professor George Boyne, Dean of Cardiff Business School.
“What this new report clearly demonstrates is that UK Business Schools have a major role to play in supporting the UK’s economic recovery – and in Cardiff Business School’s case we offer a £76M annual boost to the Welsh economy, ” he added.
As well as the economic impact the report also highlights Cardiff Business School’s contribution to teaching – estimated to produce an income of around £25M per year, as well as research income which the Business School has helped secure, in excess of £20M in the last five years.
The report also praises the Business School’s work contributing to policy on a local, national and international level – including projects to advise the Foreign and Commonwealth Office, the United Nations, the Treasury – as well as its work in consultancy and partnerships with supermarket giant Tesco, the Office of National Statistics and the Welsh Assembly Government.
The report comes on the back of the Welsh Assembly Government Education Minister Leighton Andrews congratulations for the University on the record level of new research total, describing it as “a major boost for the Welsh economy”
The University has recorded its best-ever year for winning new research grants – at just under £150 million an increase of 73% on 2008-09 and a 36% increase on the University’s previous record of £110 million.
The achievement comes despite many funding bodies tightening their budgets and reflects concerted efforts made across the University to improve its success rate in securing research funds.
