University College London generates £10bn a year for UK, says report

UCL’s research, knowledge and support for business startups provides boost ‘equal to holding Olympics every year.'

University College London has boasted its financial contribution to the British economy is the equivalent of hosting the Olympics every year – in part because of how it encourages graduates to create jobs and investment around the country.

An independent report commissioned by UCL estimates that the university generates close to £10bn a year in economic activity from its spending of £1.67bn. According to the consultancy London Economics, that figure “is comparable to the boost in international trade and inward investment delivered by the 2012 London Olympics”.

While much of the £10bn is generated by the spread of UCL’s research and knowledge, some comes from nurturing company spinoffs and startups such as that cofounded by Rachael Twumasi-Corson, whose company Afrocenchix is now selling its haircare products in Superdrug and Whole Foods as well as exporting to more than 50 countries.

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