Oxford University's economic impact 2021-22

As Vice-Chancellor of the University of Oxford, I am immensely proud to present this report assessing our economic impact on the United Kingdom for the academic year 2021–22.

While Oxford’s global reputation rests on centuries of scholarly excellence, world-leading research, and transformative education, this analysis powerfully demonstrates the breadth and depth of our contribution to the UK economy today. 

In a single year, Oxford’s activities supported an estimated £16.9 billion in economic output and over 90,000 jobs across the country. These are striking figures, but behind them lies a deeper story—of a university working in partnership with government, business, and civil society to drive inclusive innovation, foster opportunity, and improve lives. 

Few examples better illustrate this than the Oxford-AstraZeneca Covid-19 vaccine.

Developed in partnership with AstraZeneca during the pandemic, this vaccine is estimated to have saved more than six million lives worldwide in its first year of deployment, with an indicative and staggering global economic impact of over £2 trillion. Here in the UK, it played a pivotal role in enabling a safer and earlier reopening of society, supporting public health and economic recovery alike.

From the groundbreaking science that led to the Oxford-AstraZeneca vaccine, to the knowledge and skills imparted to students from all walks of life, to the thriving ecosystem of spinouts and enterprises rooted in our research—we are proud to contribute not only to economic growth, but to national wellbeing and resilience.

Our social enterprise work is another area we are particularly proud of, alongside our leading position in developing women founders, with 39% of spinouts having at least one female founder. Our impact is particularly concentrated in Oxfordshire and the wider South East, yet it radiates across the whole UK and far beyond.

We are developing exciting new partnerships with other regions in the UK to fast-track our ability to work in collaboration and bring benefit to the entire UK. This report is a timely reminder that our mission as a university is not only academic, but civic.

As we face the challenges of the coming decades—from public health to climate change to technological transformation—Oxford remains committed to being a force for public good. 

Professor Irene Tracey, CBE, FRS, FMedSci 

Vice-Chancellor, University of Oxford