A recent report, which looked into the economic effects of higher education, has confirmed that universities across UK are worth a whopping ?59 Billion for the country's economy. Based on figures collected from across the country for 2007-08, the report has highlighted the role of universities as one of the most important earners and employers, a role which is rapidly growing.

Directly or indirectly, universities reportedly created more than 668,500 jobs, which amount to almost 2.6% of the country's entire workforce. The report and its figures have come right after the launch of blueprints by the Government which looks to increase the economic importance of the country's universities.

As per the report, "It is increasingly recognized in the UK that the sector (universities) has become a core part of the economic infrastructure of the country and its regions, generating employment and output, attracting export earnings and contributing to gross domestic product".

The report also revealed that in 2007, universities directly provided as many as 314,632 full-time jobs, a number which consisted of 1.2% of the year's total workforce.