The 157 Group has published, in partnership with Economic Modelling Specialists Intl (EMSI), a report detailing the economic impact of further education colleges. The report is based on detailed economic analyses carried out with a number of colleges in recent years.
Dr Lynne Sedgmore CBE, executive director of the 157 Group, said, “This is the first time such a wide summary of work has been published and it confirms that the economic benefits colleges bring to business and the community are great. The report finds that, beyond the direct benefit to students and their employment chances, the benefit to local communities far outweighs the initial financial investment. Those of us working in the sector have long understood the importance of our work, but it is impressive to see the benefit of that work now quantified in economic terms.
“With the Queen’s Speech tomorrow likely to feature an enterprise bill, it is vital that policymakers recognise the vital contribution further education colleges make to the economy. Colleges are key employers and generators of wealth, as this report shows, and we hope that the government will trust college leaders to grow their offer and become more and more central to the economic recovery.”
Andy Durman, managing director of EMSI UK, said, “Having undertaken this work with the 157 Group and its member colleges, we can demonstrate that the benefits colleges bring to the lives of learners and their communities extend into the local economy and beyond. Our research shows that, contrary to some of the perceptions conveyed in the media, colleges consistently provide good value to learners, business, communities, taxpayers and society as a whole.”
Please click here to download the report.