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1、 The impact of the higher education sector on the UK economy Summary Report for Universities UK August 2023 Wherever possible London Economics uses paper sourced from sustainably managed forests using production processes that meet the EU eco-label requirements.Copyright 2023 London Economics.Except
2、 for the quotation of short passages for the purposes of criticism or review,no part of this document may be reproduced without permission.London Economics Ltd is a Limited Company registered in England and Wales with registered number 04083204 and registered offices at Somerset House,New Wing,Stran
3、d,London WC2R 1LA.London Economics Ltds registration number for Value Added Tax in the United Kingdom is GB769529863.About London Economics London Economics is one of Europes leading specialist economics and policy consultancies and has its head office in London.We advise clients in both the public
4、and private sectors on economic and financial analysis,policy development and evaluation,business strategy,and regulatory and competition policy.Our consultants are highly qualified economists with experience in applying a wide variety of analytical techniques to assist our work,including cost-benef
5、it analysis,multi-criteria analysis,policy simulation,scenario building,statistical analysis,and mathematical modelling.We are also experienced in using a wide range of data collection techniques including literature reviews,survey questionnaires,interviews,and focus groups.Head Office:Somerset Hous
6、e,New Wing,Strand,London,WC2R 1LA,United Kingdom.w:londoneconomics.co.uk e:infolondoneconomics.co.uk t:+44(0)20 3701 7700 :LE_Education|LondonEconomics Authors Jack Booth,Economic Consultant,jboothlondoneconomics.co.uk Joscelyn Miller,Senior Economic Consultant,jmillerlondoneconomics.co.uk Maike Hal
7、terbeck,Divisional Director,mhalterbecklondoneconomics.co.uk Dr Gavan Conlon,Partner,gconlonlondoneconomics.co.uk Cover picture:Photographee.eu/S.The maps presented throughout this report contain Office for National Statistics data(licensed under the Open Government Licence v.3.0),OS data,Royal Mail
8、,Gridlink,LPS(Northern Ireland),NISRA data,NRS data and Ordnance Survey data Crown copyright and database right 2023.Table of Contents Page London Economics The economic impact of the UK higher education sector i Introduction 1 Total impact on the UK economy 2 Impact by region and nation 3 Impact by
9、 sector 5 ANNEX 8 Annex 1 Calculation of direct,indirect,and induced impacts 9 London Economics The economic impact of the UK higher education sector 1 Summary Report for Universities UK Introduction London Economics were commissioned to assess the impact of the UK higher education sector on the UK
10、economy,focusing on the 2021-22 academic year.There are almost 300 higher education providers in the UK,ranging from large internationally renowned universities that conduct state-of-the-art research to smaller specialist providers that cater for specific gaps in the market.In the 2021-22 academic y
11、ear,UK higher education providers(HEPs)educated approximately 2.9 million students,of which 1.3 million were in their first year of their studies1.The higher education sector contributes to the UK economy in a myriad of ways.The education and training that these institutions provide increases human
12、capital and productivity across the UK(reflected in graduates earnings and employment outcomes),while the world-class research conducted by the sector contributes to innovation and long-term economic growth.The UK higher education sector is also a major exporter through its hosting of many internati
13、onal students,whose presence generates substantial impacts throughout the UK economy2.In addition to these longer-term impacts,higher education providers generate significant economic activity through their operating and capital expenditures and large numbers of staff throughout the economy.To captu
14、re these impacts,our analysis here estimates the economic footprint of HEPs in terms of the direct,indirect,and induced economic impacts associated with their expenditures3.In other words,the estimates presented here focus only on the economic impact associated with the physical footprint of UK HEPs
15、,but do not consider the significant additional economic contributions associated with their teaching and learning activities,their wide-ranging research,or their educational exports in the form of international students coming to study in the UK.To estimate the impacts associated with higher educat
16、ion providers expenditures,we made use of financial and staff data for each provider from the Higher Education Statistics Agency(HESA)to calculate the direct impact of the UK higher education sectors4 expenditure in 2021-225 in terms of economic output,gross value added(GVA i.e.,the contribution to
17、GDP),and full-time equivalent(FTE)employment at both the national and 1 See Higher Education Statistics Agency(2023),Higher Education Student Data(here).2 For example,see London Economics(2023),The benefits and costs of international higher education students to the UK economy(here).3 For a definiti
18、on of these impacts,as well as further detail on our methodological approach,please refer to the Annex.4 Based on the coverage of the underlying HESA financial data,in terms of institutional coverage,our analysis includes publicly funded higher education institutions(including universities)as well a
19、s alternative providers.For more information on HESAs data coverage,see here.5 In relation to the time period covered by the analysis,it is important to emphasise that HEPs expenditures in the 2021-22 academic year were significantly impacted by the Covid-19 pandemic.For example,financial data publi
20、shed by HESA(here)indicate that providers capital spending was approximately 22%lower in 2021-22 than in 2018-19(i.e.,the last full academic year prior to the onset of the pandemic).The estimates presented here need to be interpreted in that context and with this caveat in mind.2 London Economics Th
21、e economic impact of the UK higher education sector Summary Report for Universities UK regional level.To estimate the indirect and induced impact associated with these expenditures,we then applied economic multipliers derived from a multi-regional Input-Output analysis.Total impact on the UK economy
22、 Based on their operational and capital expenditure6(as well as their staff numbers),in 2021-22,the direct economic impact of the UK HE sector on the UK economy stood at 46.1bn(see Table 1).In addition,this expenditure resulted in significant indirect and induced effects throughout the wider economy
23、(through the institutions supply chains as well and their employees purchases of goods and services throughout the economy),estimated at approximately 69.5bn.Combining these effects,the total direct,indirect,and induced economic impact of these activities on the UK economy stood at approximately 115
24、.7bn.Table 1 Total impact of the HE sectors spending on the UK economy in 2021-22 Type of impact Economic output GVA FTE jobs Direct impact 46.1bn 30.6bn 385,500 Indirect and induced impact 69.5bn 40.8bn 382,500 Total impact 115.7bn 71.3bn 768,000 Note:Totals may not add due to rounding.Economic out
25、put and GVA estimates are round to the nearest 100 million,and FTE job estimates are rounded to the nearest 100.Source:London Economics analysis In gross value added terms,these impacts stood at 71.3bn,including 30.6bn of direct impact alongside a further 40.8bn of indirect and induced impact.In ter
26、ms of the number of FTE jobs supported,in addition to the 385,500 FTE staff that were directly employed by UK higher education providers in 2021-22,the providers activities supported a further 382,500 FTE jobs throughout the wider economy.The total employment impact associated with higher education
27、providers operations across the UK was thus estimated to be 768,000.While the analysis here focuses exclusively on the economic impact of HEPs expenditures,when combining this with separate estimates from our recent study on the benefits and costs of international HE students to the UK economy7,indi
28、catively,the total impact associated with providers spending as well as the spending of their international students throughout the UK economy stands at approximately 130.5bn in economic output terms.This includes 115.7bn of impact associated with HEP spending,and 14.8bn associated 6 We do not inclu
29、de movements in pension provisions or depreciation and amortisation in HEPs expenditures,as these items constitute non-cash expenditures from an accounting perspective(i.e.,they are not accrued as income by providers employees or their supplying industries).7 Again,see London Economics(2023),The ben
30、efits and costs of international higher education students to the UK economy(here).London Economics The economic impact of the UK higher education sector 3 Summary Report for Universities UK with the spending of international students who started HE qualifications in the UK in 2021-228.Impact by reg
31、ion and nation In addition to the total impact on the UK economy as a whole,Figure 1 shows the impact of the higher education sectors expenditures on each region.In other words,this analysis illustrates the destination of impact,i.e.,the direct,indirect,and induced impact of higher education provide
32、rs expenditures within each region.The higher education sector makes substantial economic contributions throughout all regions and nations of the UK,with every region accruing an economic benefit of more than 2bn in economic output terms(and more than 19,000 FTE jobs).London and the South East of En
33、gland experience the largest impact,with 27.0bn and 16.9bn worth of economic output generated in these regions in 2021-22 respectively(equivalent to 23%and 15%of the total impact on the UK of 115.7bn).This is followed by Scotland(11.0bn,10%)and the North West of England(10.4bn,9%).In terms of jobs,a
34、s outlined above,the higher education sectors expenditure supported an estimated total of 768,000 FTE jobs throughout the UK in 2021-22.This equates to approximately 2.8%of all employment across the UK9.In terms of the breakdown by region and nation,as with economic output,HEPs activities support re
35、latively large numbers of jobs in London(125,800),the South East(95,400),Scotland(84,300),and the North West of England(75,500).The HE sector supports comparatively lower absolute numbers of jobs in other regions and nations.However,Figure 2 illustrates that,in relative terms,the HE sector is accoun
36、table for large proportions of total employment in each region or nation,further evidencing the importance of higher education providers to their local economies(for example,the sectors activities support an estimated 33,500 FTE jobs in the North East,which equates to approximately 3.5%of all FTE em
37、ployment in the North East of England).In addition to this breakdown by region in terms of the destination of impact,in Box 1,we present a geographical breakdown of the sectors total impact on the UK economy as a whole by origin of this impact,based on the location of HEPs by Combined Authority.8 Th
38、e impact of international students is based on an original total net impact of 37.4bn,which included the direct,indirect,and induced effects of the tuition fee spending,living cost expenditure,and associated visitor spending related to international students in the 2021-22 cohort of first-year stude
39、nts(capturing these expenditures over students entire study period),net of the public costs of hosting these students in the UK.To avoid double-counting with the impact of providers expenditures here,from this total,we then exclude the estimated impact of international students tuition fees(22.6bn),
40、as these are accrued as revenues by HEPs themselves(and,therefore,are expected to already be implicitly included in the impact of the HEPs expenditures).9 Based on estimated total FTE employment in the UK,using Office for National Statistics data on total headcount employment by region in 2021(here)
41、and estimated full-time equivalence/employment intensity based on Office for National Statistics data on mean weekly hours worked among full-time and part-time employees by region and nation in 2021(here).4 London Economics The economic impact of the UK higher education sector Summary Report for Uni
42、versities UK Figure 1 Total impact of the HE sector in 2021-22,by region or nation of impact Note:Totals may not add due to rounding.Economic output and GVA estimates are round to the nearest 100 million,and FTE job estimates are rounded to the nearest 100.The figure provides information on the dest
43、ination of impact,i.e.,a breakdown of the estimates by the region or nation in which the impact occurs.For example,the figures for the South East suggest that the activities of the UK higher education sector support a total of approximately 16.9bn of economic output,9.8bn of GVA,and 95,400 FTE jobs
44、in the South East of England.Source:London Economics analysis ScotlandOutput:11.0bnGVA:7.4bnEmployment(FTE):84,300North EastOutput:3.8bnGVA:2.7bnEmployment(FTE):33,500Yorkshire and the HumberOutput:8.0bnGVA:5.3bnEmployment(FTE):63,700East MidlandsOutput:6.3bnGVA:4.2bnEmployment(FTE):53,800Northern I
45、relandOutput:2.3bnGVA:1.6bnEmployment(FTE):19,500WalesOutput:4.4bnGVA:3.0bnEmployment(FTE):37,000East of EnglandOutput:9.6bnGVA:5.6bnEmployment(FTE):56,900South WestOutput:7.8bnGVA:5.2bnEmployment(FTE):60,100South EastOutput:16.9bnGVA:9.8bnEmployment(FTE):95,400LondonOutput:27.0bnGVA:14.8bnEmploymen
46、t(FTE):125,800West MidlandsOutput:8.1bnGVA:5.2bnEmployment(FTE):62,400North WestOutput:10.4bnGVA:6.5bnEmployment(FTE)75,500 London Economics The economic impact of the UK higher education sector 5 Summary Report for Universities UK Figure 2 Total impact of the HE sector in 2021-22,by region or natio
47、n of impact,in FTE employment terms Note:Totals may not add due to rounding.FTE job estimates are rounded to the nearest 100.Source:London Economics analysis Impact by sector Table 2 provides a further breakdown of the impact estimates by sector(i.e.,the impact of higher education providers activiti
48、es on different sectors within the UK economy).In addition to the large impact within the government,health,and education sector itself(52.8bn of economic output),the activities of UK HEPs are estimated to generate particularly large impacts within the distribution,transport,hotels,and restaurants s
49、ector(15.4bn),the production sector(12.6bn),the real estate sector(9.7bn),and the professional and support activities sector(9.2bn).33,50075,50063,70053,80062,40056,900125,80095,40060,10037,00084,30019,5003.5%2.5%3.0%2.9%2.7%2.3%2.6%2.6%2.7%3.3%3.7%2.7%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%020,00040,0
50、0060,00080,000100,000120,000140,000North EastNorth WestYorkshire and The HumberEast MidlandsWest MidlandsEast of EnglandLondonSouth EastSouth WestWalesScotlandNorthern Ireland%of total jobs in each region#of FTE jobs supported 6 London Economics The economic impact of the UK higher education sector
51、Summary Report for Universities UK Table 2 Total impact of the HE sector in 2021-22,by sector of impact Sector Economic output GVA FTE jobs Agriculture 0.6bn 0.3bn 6,400 Production 12.6bn 5.1bn 39,800 Construction 2.7bn 1.1bn 9,200 Distribution,transport,hotels,and restaurants 15.4bn 8.9bn 127,800 I
52、nformation and communication 3.7bn 2.1bn 16,000 Financial and insurance 6.0bn 3.0bn 15,300 Real estate 9.7bn 8.2bn 12,000 Professional and support activities 9.2bn 5.4bn 74,700 Government,health&education 52.8bn 35.2bn 444,200 Other services 2.9bn 2.0bn 22,500 Total 115.7bn 71.3bn 768,000 Note:Total
53、s may not add due to rounding.Economic output and GVA estimates are round to the nearest 100 million,and FTE job estimates are rounded to the nearest 100.Source:London Economics analysis London Economics The economic impact of the UK higher education sector 7 Summary Report for Universities UK Box 1
54、 Impact of the HE sector by location of provider In addition to the above impact of higher education providers activities on each region or nation,the following analysis identifies the impact of HEP expenditure by location of higher education provider.In other words,rather than considering the econo
55、mic impact of HEP spending on different geographical areas(e.g.,on each region or nation(i.e.,the destination of impact),the results presented here provide information on the origin of impact based on higher education providers location,focusing on the Combined Authority level.Figure 3 shows the imp
56、act on the UK economy of HEPs located in each Combined Authority.The largest impact on the UK economic output,GVA,and employment is associated with the 10 HE providers located in the West Midlands Combined Authority,which support a total of approximately 6.4bn of economic output,3.9bn of GVA,and 45,
57、900 FTE jobs across the UK.Figure 3 Total impact of the HE sector in 2021-22 by location of HEP:Combined Authority level Note:Economic output and GVA estimates are round to the nearest 100 million,and FTE job estimates are rounded to the nearest 100.Source:London Economics analysis North of Tyne(3 H
58、EPs)Output:1.8bnGVA:1.1bnEmployment:14,200North East(2 HEPs)Output:1.4bnGVA:0.8bnEmployment(FTE):9,900West Yorkshire(10 HEPs)Output:3.3bnGGVA:2.2bnEmployment(FTE):25,700South Yorkshire(2 HEPs)Output:2.5bnGVA:1.7bnEmployment(FTE):19,500Tees Valley(1 HEP)Output:0.4bnGVA:0.2bnEmployment:2,800West Midla
59、nds(10 HEPs)Output:6.4bnGVA:3.9bnEmployment(FTE):45,900West of England(7 HEPs)Output:3.8bnGVA:2.5bnEmployment(FTE):28,200Cambridgeshire&Peterborough(5 HEPs)Output:5.0bnGVA:2.5bnEmployment(FTE):20,200Greater Manchester(8 HEPs)Output:4.7bnGVA:3.1bnEmployment(FTE):33,200Liverpool City Region(5 HEPs)Out
60、put:2.7bnGVA:1.6bnEmployment(FTE):18,900 8 London Economics The economic impact of the UK higher education sector Summary Report for Universities UK ANNEX London Economics The economic impact of the UK higher education sector 9 Summary Report for Universities UK Annex 1 Calculation of direct,indirec
61、t,and induced impacts Our analysis estimates the direct,indirect,and induced impacts associated with the operational and capital expenditures of the UK higher education sector in the 2021-22 academic year.These direct,indirect,and induced economic impacts of HEP expenditure are defined as follows:Di
62、rect effect:This considers the economic output generated by HEPs themselves,by purchasing goods and services(including labour)from the economies in which they operate.Indirect effect:HE providers purchases generate income for their supplying industries,which they in turn spend on their own purchases
63、 from suppliers to meet the HEPs demands.This results in a chain reaction of subsequent rounds of spending across industries,often referred to as a ripple effect.Induced effect:The induced effect is based on higher education providers status as large employers.The employees of HEPs and of businesses
64、 operating in their supply chains use their wages to buy consumer goods and services within the economy.This in turn generates wage income for employees within the industries producing these goods and services,who then spend their own income on goods and services.Again,this leads to subsequent round
65、s of wage income spending,i.e.,a ripple effect throughout the economy as a whole.A1.1 Estimating the direct impact To measure the direct economic impact of the purchases of goods,services,and labour by higher education providers,we used information on each HEPs operational expenditures(including sta
66、ff and non-staff spending),capital expenditures,as well as the number of staff employed(in terms of full-time equivalent employees),for the 2021-22 academic year.This is based on staff and financial data published by HESA10.We measure the direct impact in terms of economic output11,GVA12,and FTE job
67、s supported.With regards to the financial data used,a number of providers were not included in the published HESA financial data for 2021-22,as they had not yet finalised their financial returns to HESA before the required cut-off date.To fill the resulting gaps for these HEPs,where possible,we inst
68、ead used information from their published financial statements(where available at the time that the analysis was undertaken).The estimates of impact in 10 For the relevant financial data,see Higher Education Statistics Agency(2023),Higher Education Provider Data:Finance(here).For staff data,see High
69、er Education Statistics Agency(2023),Higher Education Staff Data(here).11 Economic output is calculated as operational and capital expenditures combined.For the purpose of the analysis,we exclude depreciation and amortisation costs,as well as movements in pension provisions,as it is assumed that the
70、se are not relevant from a procurement perspective(i.e.,these costs are not accounted for as income by other organisations).12 The direct GVA associated with each HEP is calculated as the sum of employment costs,surplus on operations(i.e.,total income minus total expenditure),interest payable,and de
71、preciation and amortisation costs.This is equivalent to total income minus other operating expenses.10 London Economics The economic impact of the UK higher education sector Summary Report for Universities UK terms of economic output and GVA thus cover a total of 278 providers for which the required
72、 expenditure information was available,either from HESA or the HEPs separate financial statements.With regards to staff data,the estimates of impact in employment terms are based on 21713 providers for which the required staff information was available.In this respect,since the 2019-20 academic year
73、,providers have not been required to provide data on their non-academic staff to HESA.Therefore,of the 216 providers that returned staff data to HESA in 2021-22,87 did not report the number of non-academic staff.For these providers,we instead estimated their non-academic staff in 2021-22,by applying
74、 the ratio of non-academic staff to academic staff employed by the HEP in 2018-19(i.e.,the last academic year in which it was mandatory to report non-academic staff figures to HESA)to the 2021-22 academic staff figure.Further note that The Open University operates separately in the four Home Nations
75、 of the UK,but the institutions financial and staff data published by HESA is aggregated into a single total figure for the UK.We notionally split The Open Universitys data to reflect its activities across the four Home Nations(essentially generating four stand-alone institutions).To achieve this,th
76、e aggregated financial and staff data for 2021-22 was split across the four Home Nations using the same proportions as those presented in our previous analysis of the economic and social contribution of The Open University14.This analysis identifies the direct economic impact of the universitys expe
77、nditure and employment for each Home Nation separately.A1.2 Estimating indirect and induced impacts The assessment of the indirect and induced economic impacts associated with the expenditures of higher education providers in the UK is based on economic multipliers15 derived from a multi-regional In
78、put-Output analysis.The analysis makes use of UK Input-Output tables,which measure the total production output of each industry in the UK economy,and the inter-industry(and intra-industry)flows of goods and services consumed and produced by each sector.In other words,these tables capture the degree
79、to which different sectors within the UK economy are connected,i.e.,the extent to which changes in the demand for the output of any one sector impact all other sectors of the economy.To be able to achieve a breakdown of the analysis by region,we then developed a multi-regional Input-Output model,com
80、bining UK-level Input-Output tables(for 2019,published 13 This includes 216 providers for which staff data were available from published HESA data,and 1 provider whose financial statements instead provided the required staff information.14 London Economics(2020),The economic and social impact of The
81、 Open University in 2018-19(here).The analysis was based on the 2018-19 academic year,and our estimation here assumes that the same distribution applied in 2021-22.15 Specifically,the analysis makes use of Type II multipliers,defined as Direct+indirect+induced impact/Direct impact.London Economics T
82、he economic impact of the UK higher education sector 11 Summary Report for Universities UK by the Office for National Statistics16)with a range of regional-level data17 to achieve a granular breakdown by sector18 and region19.The multi-regional Input-Output analysis allowed us to derive multipliers
83、by sector and region within the UK economy.To estimate the economic impact of higher education providers activities,we multiplied the direct economic output,GVA,and FTE staff by the estimated average economic multipliers associated with organisations in the government,health,and education sector in
84、each region(assigning relevant multipliers based on the region within which each provider operates).This approach implicitly assumes that the spending patterns of higher education providers reflect the average spending patterns across all organisations operating in the government,health,and educatio
85、n sector within the same region.We thus arrive at the total economic contribution associated with each providers activities in terms of economic output,GVA,and jobs supported on each region or nation and sector,as well as on the UK economy as a whole.For example,to assess the direct,indirect,and ind
86、uced impacts associated with any given higher education provider located in Yorkshire and the Humber,we multiplied the HEPs direct impact by the average economic multipliers associated with organisations in Yorkshire and the Humbers government,health,and education industry.These multipliers are pres
87、ented in Table 3,and suggest that every 1 million of operational or capital expenditure incurred by HEPs located in Yorkshire and the Humber generates an additional 1.31 million of impact throughout the UK economy,of which 0.5 million is generated in Yorkshire and the Humber.In terms of employment,w
88、e assume that,for every 1,000(FTE)staff employed directly by HEPs in Yorkshire and the Humber,an additional 810 staff are supported throughout the UK,of which 350 are located in Yorkshire and the Humber.16 See Office for National Statistics(2023),UK input-output analytical tables-industry by industr
89、y(here).2019 is the latest year for which these Input-Output tables are currently available.17 The fundamental idea of the multi-regional Input-Output analysis is that region is demand for region js output is related to the friction involved in shipments from one region to another(which we proxy by
90、the distance between the two regions),and that cross-regional trade can be explained by the relative gross value added of the sector in all regions.The multi-regional Input-Output model was derived by combining UK-level Input-Output tables with data on geographical distances between regions;GVA and
91、compensation of employees by sector and region(here);employment by sector and region(here);gross disposable household income by region(here);population by region(here);mean weekly total paid hours worked by industry,for full-time vs.part-time employees(here);employed residents by region of usual res
92、idence and region of workplace(here);and UK imports into each region and exports by each region,by commodity(here).18 In terms of sector breakdown,the original UK Input-Output tables are broken down into 105 relatively granular sectors.However,the wide range of regional-level data required to genera
93、te the multi-regional Input-Output model is not available for such a granular sector breakdown.Instead,the multi-regional Input-Output model is broken down into 10 more high-level sector groups(see the sector list included in Table 2).19 While Input-Output analyses are a useful tool to assess the to
94、tal economic impacts generated by a wide range of activities,it is important to note several key limitations associated with this type of analysis.Input-Output analyses assume that inputs are complements,and that there are constant returns to scale in the production function(i.e.,that there are no e
95、conomies of scale).The interpretation of these assumptions is that the prevailing breakdown of inputs from all sectors(employees,and imports)is a good approximation of the breakdown that would prevail if total demand(and therefore output)were marginally different.In addition,Input-Output analyses do
96、 not account for any price effects resulting from a change in demand for a given industry/output.12 London Economics The economic impact of the UK higher education sector Summary Report for Universities UK Table 3 Assumed economic multipliers associated with the expenditures of higher education prov
97、iders located in Yorkshire and the Humber Location of impact Economic output GVA FTE employment Impact on Yorkshire and the Humber 1.50 1.44 1.35 Impact on the UK 2.31 2.10 1.81 Note:All multipliers constitute Type II multipliers,defined as Direct+indirect+induced impact/Direct impact.Source:London
98、Economics analysis Somerset House,New Wing,Strand,London,WC2R 1LA,United Kingdom infolondoneconomics.co.uk londoneconomics.co.uk LondonEconomics+44(0)20 3701 7700 Somerset House,New Wing,Strand London,WC2R 1LA,United Kingdom infolondoneconomics.co.uk londoneconomics.co.uk:LE_Education LondonEconomics+44(0)20 3701 7700