The Impact of HMC Schools on the UK Economy – Oxford Economics Report 2023

This report examines the impact on the wider economy of HMC schools in the UK.

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This report highlights the huge impact of HMC schools on the UK economy.

HMC schools in the United Kingdom make a significant contribution to national and local economies, as well as the communities they serve. In 2021, according to independent economic analysis as set out in this report, key findings include:

  • HMC schools make an annual contribution of £7.3 billion to the UK economy, which is equivalent to the annual contribution of a city the size of Derby.
  • HMC schools support over 142,000 UK jobs to the UK, meaning HMC schools support more UK jobs than almost all of the UK supermarket chains.
  • By pupils attending HMC schools instead of taking up state-funded spaces, the UK taxpayer saves £1.8 billion, which is sufficient to fund the state pensions of almost 200,000 people.
  • HMC schools tax receipts total £2.2 billion, equivalent to £78 per household, and sufficient to fund the annual salaries of 60,000 nurses.

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2 March 2023