United Colleges Group (UCG) has made a major contribution to London and the wider UK economy, according to a new report by leading economic consultancy London Economics.

The analysis reveals that in the 2023-24 academic year, UCG  - which has campuses across three boroughs in Central and North West London, including City of Westminster College, College of North West London and the Cockpit Theatre - provided an economic impact of around £470million.

Compared to its relevant operational costs of £51m in 2023-24, the £470m total impact of the group’s activities on the UK economy corresponds to a benefit-to-cost ratio of approximately 9.3:1.

A substantial portion of this came directly from the economic impact of teaching and learning, which was valued at £351m for the 2023-24 cohort alone. This figure reflects the significant benefits that UCG’s educational provision delivers to the UK economy by enhancing the skills, productivity and employability of its learners.

The report highlights that UCG’s teaching and learning activities contribute to the labour market by raising the productivity of its graduates, enabling them to earn higher wages and contribute more effectively to the economy.

These benefits ripple out well beyond the classroom, supporting economic growth both in London and nationally – with 90% of former UCG learners who left the college in 2023-24 progressing into positive destinations (83% to continue education path and 7% to paid employment).

In addition to its impact on productivity, UCG plays a vital role in supporting employment. In the 2023-24 academic year, UCG is estimated to have supported 1,145 full-time equivalent (FTE) jobs across the UK. Of these, 995 roles were based in London - with 545 in Inner West London and 355 in Outer West and North West London - demonstrating the Group’s central role in sustaining the capital’s workforce.

The economic benefits are also evident in Gross Value Added (GVA) terms. Across the UK economy, UCG’s activities generated an estimated £72m in GVA, with £63m of that total accrued within London.

These figures underscore the institution’s position as both an educational leader and a major economic contributor, with the LE report finding that in “… benchmarks used by the UK Government, the College’s activities generate very high levels of value for money”. 

United Colleges Group’s commitment to providing high-quality, inclusive education, equipping learners with the knowledge, skills and confidence to thrive in their chosen careers, aligns with the UK Government’s pledge to “Build skills for opportunity and growth so that every young person can follow the pathway that is right for them”.

Stephen Davis, CEO and Group Principal of United Colleges Group, said: “I would like to thank London Economics for their rigorous analysis, which confirms what we have long believed about the transformative impact of our college. 

“In the early days of a new government that has recognised Further Education as the engine room for skills and growth, this report reinforces the vital role our college plays ─ one that is representative of the wider college sector across the country.

“United Colleges Group serves as a clear example of an anchor institution, working at the heart of its communities to meet the skills needs of London and its people.

“The case for sustained and increased investment in skills is compelling. A long-term, equitable funding settlement over the next decade would demonstrate a commitment to national progress that transcends party politics. The stakes are simply too high for our country’s future to ignore.”

Read the full report here:  Our Impact