How Intl Student helps UK Economy
Int Student helps in UK Economy. It should not be surprising that the United Kingdom is a popular destination for international students; however, it provides world-class educational facilities. Approximately 230,000 students arrive in the United Kingdom to begin their university studies. Higher education generates over £73 billion in output for the economy and creates over 750,000 full-time jobs. Consequently, Sheffield has benefited the most in terms of economic impact. There are, however, significant tuition fees for UK universities, and international students will have to incur additional costs while studying in the UK. When international students enter the UK, they must pay for rent, bills, food, and many daily activities. However, these students contribute significantly to the economy as a whole. International students are worth ten times what it costs to host them here in the UK. Several local businesses may fail if overseas students don’t spend as much, and many people may lose their jobs. According to the analysis, the UK generates more than £25 billion from international students alone. In cities and university towns across the UK, international students’ expenditure has supported many jobs, significantly impacting the economy.
Further, international students’ and visitors’ off-campus spending has significantly impacted UK economic growth. As a result of the combined spending of UK citizens and international students, UK exports have increased. International students contributed £10.8 billion to UK export revenues in 2014-15. Aside from tuition, international students purchase a variety of goods and services. For example, international students’ spending significantly impacts the retail and transportation sectors. Furthermore, they bring many international students to the UK to study.
Furthermore, their friends and relatives contribute to the UK economy by spending at restaurants, hotels, and attractions. In addition to the economic benefits that international students have on the UK economy, they are not the only ones that the students benefit from; they also enhance UK campuses’ educational and cultural aspects. As a result, many of these students return home with strong ties to the UK, contributing to the country’s long-term prosperity.
Students from overseas had a significant financial advantage in the UK, according to the Higher Education Policy Institution (HEPI), which calculated the economic impact of international students on the UK economy. The categories for separating the financial advantages gained by the UK from hosting overseas students are visitors, non-fee income, and fee income. It is evident from the preceding that overseas students are economically significant to the UK economy. 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.
Additionally, the cost of hosting overseas students is much lower than the tuition fees paid by these students. This cost includes teaching grants granted to the institution and student assistance services. Thus, it is evident that hosting international students is worthwhile if we compare the amount spent on student housing with the amount collected from international students. Furthermore, students’ daily expenditures significantly contribute to the UK’s economy. According to the calculations, international students have made a significant contribution to the growth of the UK’s economy.
To conclude, international students contribute highly to the local economy. Therefore, with them, the local economy would benefit from their expenditures. However, students tend to stay in London or large cities when they have visitors. In light of this, some local economies will be positively impacted. Therefore, the trade-off of smaller cities and towns needing to attract international students and their families to achieve economic growth is worthwhile.
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