Value, value, value: UK Business Schools contribution to national, regional and local economies

Whilst there is concern over the declining global ranking of UK universities, as 38 of 48 in the top 400 drop places, UK Business Schools are increasingly contributing real value to the economy.

The Chartered Association of Business Schools (CABS) Delivery Value Taskforce report, launched by Lord Bilimoria at the House of Lords on Friday 9th September, highlights significant and sustained impact for regional and local economies in terms of:

  • Driving regional growth through student entrepreneurship, growth programmes and working with supply chains;
  • Developing business support infrastructure through developing growth hubs and regional institutes and initiatives;
  • Engaging small businesses through the Small Business Charter, growth vouchers and innovation vouchers;
  • Nurturing talent through student projects, placements and internships, Knowledge Transfer Partnerships, student entrepreneurship and Chartered Manager Degree Apprenticeships;
  • Leading skills development through executive education, innovative programmes and work-based learning.

In addition, the UK economy benefits by 325,000 students studying business (fifth of all students!) contributing £3.25 billion per year, More specifically, they attract a third of the international students resulting in £2.6 billion direct income to the national economy.

The report calls for:

  • Business Schools to work with key regional partners to increase productivity and develop post-Brexit regional development funding opportunities;
  • Regional bodies to recognise the value of business schools as anchor institutions;
  • Government to fund growth and productivity initiatives immediately and post-Brexit;
  • Businesses to engage with business schools on collaborative research and developing student talent.

This all reinforces the need for universities to excel at research, teaching and engagement … the Triple Chocolate University!

Professor Nigel Lockett
Associate Dean for Engagement and Professor of Entrepreneurship at Lancaster University Management School