School Contributes Over £50m to UK GDP

Bolton School contributes millions of pounds to the local economy, a report using the ISC/Oxford Economics modeller has found.

In the last financial year, Bolton School contributed £23.4 million towards the town's gross domestic product (GDP). Bolton is one of the country’s largest towns and the contribution represents 0.43 per cent of its entire GDP.

Further afield, Bolton School contributes £50,678,897 to the UK’s GDP, a figure which comprises the school’s own GDP plus that of its UK-based supply chain and the induced GDP which is generated through the spending of staff and the school’s suppliers’ staff.

Philip Britton, Head of the Bolton School Foundation, said: ‘These are significant figures and the contribution of independent schools should not be underestimated. Together they contribute £16.5 billion to the UK economy, supporting 328,000 jobs and £5.1 billion in tax revenues. The sector saves the government £4.4 billion annually by educating pupils who would otherwise take up a place in state-funded schools. If we did not exist, 2,349 of our own pupils would be entitled to a free state school place.

‘As a School, last year we paid £15.9 million in tax into the Exchequer’s coffers, which included income tax, NICs, plus indirect and induced tax contributions. Payments to other businesses for goods and services relating to our core operations amounted to almost £11m. The total number of jobs supported by our activities is 747.

‘Besides our significant contribution to the local economy, we offer an outstanding education for over 2,500 children and help stimulate social mobility ­— one in five of our Senior School pupils receives assistance with their fees. Our pupils also contribute enormously to the region through their volunteering and work in the community and we are a regular collaborator with local state schools.’