Education generated billions for the UK economy in 2016

The UK’s education sector is one of its most lucrative international assets, having brought in almost £20bn in 2016, according to government figures released Thursday.

The latest figures from the Department for Education (DfE) and the Department for International Trade (DIT) show that education generated £19.5bn for the UK economy in 2016 through exports such as international students and English Language training.

These exports have been growing year-on-year since 2010, and increased 26% overall in the six-year period until 2016 — generating significant revenue for the UK, alongside other lucrative fields such as automobiles, advertising, and insurance.

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According to the DfE and DIT, international exports that added a significant contribution to the economy in 2016 include higher education (£13.4bn), transnational education (£1.9bn), education products and services (£1.9bn), English Language training courses (£1.6bn), and independent schools (£0.9bn).

Recent data shows that the UK is the most popular destination for English Language training, making up about 45% of the market.

The departments said the £20bn figure is a “welcome reminder of the strength of the sector and the UK’s exports as it prepares to leave the EU.” It added plans are being put in place to strengthen post-Brexit Britain international exports through a new International Education Strategy, which will be launched in 2019.

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Once Britain leaves the EU, it will attempt to use its newly independent trade policy to further trade with key overseas markets.

“The UK has always provided world-class education, and these figures underline the importance of it to our economy — cementing our status as a global leader in this sector,” education secretary Damian Hinds said.

“International university students constitute an important earnings source for our universities but they are also an important part of Britain’s cultural influence in the world. As well as this, there are big growth opportunities in areas like education technology, services and satellite or partner campuses.

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“Education is a fundamental part of our offer to the world, and we will work to maintain and grow this in the years to come.”

This announcement follows Hinds’s speech at the Education World Forum on 21 January, during which he welcomed education ministers from across the globe to work with the UK as a world-leader in the sector.