Int Student helps UK Economy
Int Student helps UK Economy
The UK is home to world-class educational facilities; hence it is no surprise that it is a popular choice for international students. The higher education sector generates over £73 billion of output for the economy while accommodating over 750,000 full-time jobs. Every year, approximately 230,000 students arrive in the United Kingdom to begin their university studies.
As a result, Sheffield has reaped the most significant economic benefits. However, the tuition fee for UK universities is relatively high, and studying in the UK comes with a slew of additional costs for international students. An international student arrives in the UK; they begin with renting, bills, food, and many daily activities at a higher price. But, overall, these students provide a significant boost to the economy.
International students are worth ten times the expense of hosting them in the UK. If overseas students do not spend as much as they do, several local businesses may collapse, and many people would lose their job. According to the analysis, the UK produces more than £25 billion from international students alone. The impact on the economy is tremendous, and it also provides a massive boost to local businesses and jobs.
International students’ expenditure has supported many jobs in cities and university towns around the UK. In addition, off-campus spending by visitors and overseas students has significantly impacted the UK economy’s gross output. There is a boost in the UK’s exports by the combined spending of international students and UK citizens. According to 2014 to 2015, overseas students accounted for around £10.8 billion in UK export revenues.
Aside from tuition, international students spend money on a variety of goods and activities. International students’ spending has a significant impact on the retail and transportation sectors. They also bring a large number of international students to the UK for their studies. In addition, what their friends and relatives spend at restaurants, hotels, and attractions helps the UK economy.
Aside from the economic consequences of international students on the UK economy, international students improve UK campuses and even the students’ cultural and academic experiences. In addition, many of these students return home with strong personal and professional ties to the UK, delivering long-term advantages to the country.
The higher education policy institution ( HEPI) calculated the economic impacts of international students on the UK economy. It determined that having foreigners, particularly international students, in the UK had a significant financial advantage.
When separating the finance advantages achieved by the UK from hosting overseas students, the categories are visitors, non-fee income, and fee income. Around £0.6 billion was received from visitors, £11.3 billion from non-fee income, and £10.7 billion from overseas students on university fees. Thus, we can see from the preceding the economic relevance of overseas students to the UK economy.
The cost of hosting overseas students is much lower when compared to what these students pay in tuition fees, and this cost includes a teaching grant granted to the institution and student assistance services. So, if we analyse the money spent on student housing against the amount collected from international students, it is apparent that hosting international students is worthwhile.
In particular, students day to day spending is what boosts the economy of the UK. From the calculations made, we can see how greatly international students have contributed to the UK’s economic growth.
To conclude, international students contribute heavily to the local economy. Without the students, there would be an increase in unemployment due to their expenditure. However, when students have visitors, they tend to stay in London or significant large cities; hence, some local economies will not positively impact. On the other hand, economic growth is worth the trade-off of smaller cities and towns lacking tourism from the international students and their families.
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