Every HMC school’s impact is highly significant. The schools support tens of thousands of jobs, provide financial and social possibilities, pump billions into the economy and contribute considerable sums in taxation.
HMC schools are intrinsic to their local communities, providing employment opportunities, supporting local supply chains, buying from nearby businesses – their role in their local community is essential – the combined impact on the national economy is hugely significant.
Key facts:
- Independent schools make an annual contribution of £16.5 billion to the UK economy. HMC schools alone contribute £7.3 billion of this total annually, which is equivalent to the annual contribution of a city the size of Derby.
- Independent schools support 328,050 UK jobs. 142,240 of which are connected to HMC schools, meaning HMC schools support more UK jobs than almost all of the UK supermarket chains.
- Independent schools tax receipts constitute £5.1 billion of the UK’s annual tax revenues. HMC schools tax receipts totalling £2.2 billion, equivalent to £78 per household, and sufficient to fund the annual salaries of 60,000 nurses.
- By pupils attending independent schools instead of taking up state-funded spaces, the UK taxpayer saves £4.4 billion. £1.8 billion, which is sufficient to fund the state pensions of almost 200,000 people, is saved just by pupils attending HMC schools instead of state-schools.
View the report by Oxford Economics on The Impact of HMC Schools on the UK Economy, here, and its report on The Impact of Independent Schools on the UK Economy, here.
