The economic impact of King’s College London
More than a third of the identifiable regional-based impact generated by King’s College London’s knowledge exchange activities occurred outside of the capital, a report by independent consultants reveals.
The consultants London Economics were commissioned by King’s to analyse the economic impact associated with the university’s activities in the 2020-21 academic year.
The report reveals that the total economic impact of its research and knowledge exchange activities on the UK economy was £2.3bn.
The consultants found that some £443m of economic output associated with knowledge exchange activities, such as start-ups and spin-outs, produce identifiable regional-based impacts. Of this approximately £274m (62%) of the impact occurs in London. But there are also significant impacts occurring in other regions across the UK, particularly the south east, which was estimated to be £36m in total, the economic impact on the south west and East of England was £26m each in both regions, while in the north west of England it was £14m.
The total economic impact associated with the activities of King’s spinout companies in the 2020-21 academic year was estimated to be £26m across the UK economy.
The main points highlighted in the analysis include:
- For every £1m of its research income, £8.3m was generated in economic impact across the UK.
- the activities of King’s spin-out activities in 2020-21 was estimated at £26m in economic output
- University spin-outs supported 415 FTE staff, and contributed £13m of gross value added.
As well as the economic impact, the report highlights the impact of the university through case studies giving examples of the benefits it generates.
‘This report highlights the major economic, societal and environmental contributions King’s has made through its world-leading research, innovation and knowledge exchange activities. We continue to be committed to research which makes a real world impact and advance solutions to the biggest challenges humanity is facing, whether they are health, security or climate related.’
Professor Bashir M. Al-Hashimi, Vice President (Research & Innovation)
Five other Science and Engineering South members have commissioned London Economics to do reports on economic and social impact in the past three years. The report for King’s focuses on research and knowledge exchange, while the reports for Queen Mary University of London, Cambridge, Oxford, UCL and Southampton also cover educational exports and teaching.