A recent study has revealed that some UK business schools contribute up to £100m a year to their regional economy.
Carried out for the Association of Business Schools (ABS) by the Nottingham Economics Centre at Nottingham Business School, part of Nottingham Trent University, the report looked at the role of business schools as a focal point for teaching, research and consultancy. It found that UK business schools generate £2bn in direct income for the UK economy, with a direct impact of some £7bn.
The study also investigated the regional impact of business schools and found that they make a large contribution to their local and regional economies – through, for example, providing graduates for the local jobs market, increasing the skills of local and regional workforces through professional courses, working to improve business productivity through consultancy projects and attracting students and staff to the local area.
The study concluded that business schools are at the forefront of promoting entrepreneurship and are focal points of university and industry engagement.
Comment: In these difficult economic times, such a report is particularly encouraging and gives one a nice warm feeling about business schools. However, the study might have had more credibility if it had not been carried out for the ABS by the Nottingham Economics Centre at Nottingham Business School. Has anyone at business school ever heard of vested interests and impartiality?