Engine of Growth

Barnfield College contributed about £103.4 million to the Bedfordshire economy, according to a new high-level report.

EMSI, the economic modelling specialists, said:"Clearly the college can be described as an engine of economic growth."

The report also said the college was a great investment for taxpayers, returning £1.70 on every pound of taxpayer financial support. This is calculated on higher tax receipts and avoided social costs.

Pete Birkett, Barnfield's Chief Executive, said: "As Bedfordshire's largest college, we take our responsibilities to the community very seriously. With nearly 1,000 staff, we are one of the largest employers in the area.

"Our £160 million group new build, due for completion in 2011, will provide a huge boost for the local economy, particularly through the creation of new jobs."

Other highlights of the EMSI report were:

The Bedfordshire economy directly benefits to the tune of £17.1 million from Barnfield's payroll and operational spending.

About nine per cent of Barnfield's students commute or have relocated to Bedfordshire, bringing extra money into the local economy.

Taxpayers enjoy an eight per cent return on their support for Barnfield which compares well with private sector long-term investments.

Average earnings of a student with a Level 2 qualification are £17,700, 22 per cent more than a worker without a formal qualification. The average income for a Level 3 student is £20,000, 38 per cent more than an unqualified worker.

The average Barnfield student's lifetime earnings (future values expressed in present value terms) will increase £1.30 for every pound invested in tuition fees and foregone wages.