The Impact of Independent Schools on the UK Economy
03 Oct 2018
This report from 2018, highlights the huge impact of the independent school sector on the UK economy.
Economic analysts have found that independent schools save the taxpayer £3.5 billion every year by providing places for pupils who could otherwise be expected to take up a place in the state-funded sector.
Oxford Economics, a leader in global forecasting and quantitative analysis, has produced a report which looks at the impact of independent schools on the UK economy. In addition to the amount these schools save the taxpayer, it includes the following findings:
- The 1,300-plus schools represented by the ISC’s constituent associations contributed £11.6 billion to the UK economy in 2017, generating £3.5 billion of annual tax revenues (equivalent to £129 per UK household) and supporting 257,000 jobs.
- Of the £11.6 billion ISC schools contributed to the economy, non-British pupils at ISC schools supported around £1.8 billion of gross value added in the UK, supporting 39,310 jobs and generating £550 million in annual tax revenues.
- Independent schools also support economic growth by promoting subjects that are strategically important for the UK’s skills base.
- Had all independent fee-charging schools ceased to exist in the late 1940s, then UK GDP would have been £73 billion lower in 2017—a shortfall of 3.6%.
The research was commissioned by the ISC, and is supported by RSAcademics, a specialist leadership and strategy consultancy for schools.