Incentive to Invest: How education affects economic growth

Posted on: 29 Jul 2014

The Independent Schools Council’s response to the Adam Smith Institute’s report ‘Incentive to Invest: How education affects economic growth’.

Rudolf Eliott Lockhart, Deputy General Secretary at ISC, said:

“ISC welcomes the way this report highlights the positive impact on the British economy of a strong and expanding independent schools sector.

“Independent schools already make a huge contribution to the British economy. In 2013 ISC schools supported a £9.5 billion gross value added contribution to Britain’s GDP, supported 227,000 jobs and generated £3.6 billion in tax revenues. By educating more than half a million pupils a year outside the state system, ISC schools make annual savings for the tax payer of £3.0 billion.

“In addition, the increasingly high standards of academic achievement shown by ISC school pupils are estimated to contribute a further £1.0 billion to Britain’s GDP each year.”


  • Data from Oxford Economics, world leaders in economic impact analysis and forecasting. Its clients include the World Bank, OECD, Asian Development Bank and government departments and blue-chip companies around the world. The full ‘Impact of Independent Schools on the British Economy’ report by Oxford Economics and ISC can be downloaded here.

  • The Independent Schools Council (ISC) brings together eight associations of independent schools, their heads, bursars and governors. Through our member associations we represent over 1,200 independent schools in the UK and overseas. These schools are ranked among the best in the world and educate more than half a million children each year.

  • Our eight member associations are: Headmasters’ and Headmistresses’ Conference, Girls’ Schools Association, the Independent Association of Prep Schools, the Independent Schools Association, the Society of Heads, the Association of Governing Bodies of Independent Schools, the Independent Schools’ Bursars Association and the Council of British International Schools.

  • Incentive to Invest: How education affects economic growth’ - Adam Smith Institute