We recently commissioned a study to demonstrate our economic impact on the local area and help us quantify the financial benefits to our main stakeholder groups (learners, society, taxpayers and local businesses). The key findings of this report include:
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The economic impact of Newbury College to the local business community in Berkshire is £63.4 million each year.
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Every £1 that learners pay for their education at Newbury College yields £4.50 in higher future wages ' an 18.1% annual rate of return on investment.
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Society receives £5.60 in return for every £1 invested in Newbury College.
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Taxpayers receive £5.70 in benefits for every £1 in costs ' a 22.8% annual rate of return.
Commenting on the report, Principal, Dr Anne Murdoch OBE, said: As the primary further education college in West Berkshire, we felt it important for everyone in the area to understand the role we play in the local economy and see the positive benefits we create both as an education provider and employer.
For our learners, it's reassuring to see that future earnings are higher as a result of the education they receive here. And when they leave to join the local workforce, the report shows that our leaners add a further £57.5 million in income to Berkshire's economy each year.
The report, published in March, was carried out by Economic Modelling Specialists International (EMSI), using a model that applies investment and regional economic investment analysis.
A two-page summary of the report can be downloaded here.