News and Updates
20 March 2023
University of Cambridge’s UK economic impact: report published
The report by London Economics estimates that the University’s net total economic impact on the UK economy is nearly £30 billion annually and that it supports more than 86,000 jobs across the UK, including 52,000 in the East of England.
The full report includes a case study on Eddington, which illustrates how the University is delivering affordable housing for staff in a new community and sustainable location that supports growth.
As a new neighbourhood in the City, Eddington provides affordable homes for University and College staff, some of whom are post-doctoral researchers undertaking vital and cutting-edge research which supports the innovation agenda. The development also includes homes for sale, student accommodation and community facilities. Future phases of development will include academic and commercial research space which supports the University’s long term growth.
The foreword in the Report by Dr Anthony Freeling, Acting Vice-Chancellor of the University of Cambridge, puts the spotlight on the innovation agenda: “Cambridge is the most successful cluster and local ecosystem in the UK. Just over £23 billion (78%) of our economic impact is generated by the companies spun out from – or closely associated with – the University, as well as research and commercial activities carried out at the University.”
He adds: “To build on this success, Innovate Cambridge – founded by Cambridge Enterprise, Cambridge Innovation Capital and the University – is joining with more than 100 partners, including AstraZeneca, Microsoft and Arm, to develop an ambitious and broad-ranging vision of innovation for the Greater Cambridge area. The goal is to accelerate progress, and for the Greater Cambridge ecosystem to accomplish in the next ten years the same success as in the past twenty-five years.”
“Achieving this ambition requires action in three areas of policy: better infrastructure in the city and region including laboratory space, affordable housing and transport; better access to talented, skilled individuals from across the world; and better investment and access to capital.”
The report also includes a case study on the West Cambridge Innovation District which will drive growth in innovation for the UK’s physical sciences and technology sector.