Waltham Forest College: every £1 of public funding invested generates £11.60 of economic benefit

For every £1 of public funding invested in Waltham Forest College, £11.60 of economic benefit is generated, a new report reveals today.

The report comes as the College celebrates 86 years of serving its local community as an anchor institution, consistently evolving to meet the changing needs of North East London and beyond.

As the third-largest employer in Waltham Forest, the College delivers much needed skills through high-quality learning experiences to a diverse range of students. In addition to its substantial educational and social contributions, Waltham Forest College is a vital economic driver for the region and the UK, delivering exceptional value for money to the public purse. To highlight this, London Economics were commissioned to conduct an independent analysis of its economic impact.

The resulting analysis, focusing on the 2022-23 academic year, reveals that Waltham Forest College’s activities generated a total economic impact of £304 million.

Key findings include:

• The impact of the College’s teaching and learning activities amounted to £221 million (73%), including £154 million accrued by students and £67 million for the Exchequer.
• The impact generated by the College’s operating and capital expenditures was £83 million (27%), including £28 million of direct impact and £54 million of indirect and induced impact.
• In terms of geographical distribution, £55 million of the impact was generated in London, with the remaining £27 million benefiting the rest of the UK.

The report comes just weeks after Prime Minister, Kier Starmer, reaffirmed the government’s commitment to its five missions in his ‘Plan for Change’. Today’s analysis clearly brings into focus the role colleges have to play in the first mission, to kickstart economic growth, as well as in the other four.

Janet Gardner, Principal and CEO, Waltham Forest College, said: “Despite the ongoing challenges in the UK’s economic landscape, Waltham Forest College continues to deliver exceptional value for money, providing high-quality education and training that equips the workforce with the skills needed to drive growth, productivity, and long-term success. I am proud of the significant impact we have had, and continue to have, in driving growth, innovation, and opportunity for all.”

David Hughes, Chief Executive, Association of Colleges, said: “The report from Waltham Forest College is a timely reminder of the incredible impact colleges have on the economic growth in their local communities and beyond.

“The Prime Minister has made it clear time and time again that kickstarting economic growth is an absolute priority and is his government’s central mission. Colleges have a vital role to play in all five of the government’s missions, and our report published last week highlights innovative practice from colleges right across the country already delivering this. However, we warned that without further investment and support from the government, the success of the missions is at risk.

“Today’s report further cements the case for this investment even further: if £1 of public funding invested into the college generates £11.60 of economic benefit, imagine what could be possible with sustained funding and support.”