An article in the Guardian covers the excitement that is building among English colleges regarding the new UK-specific SEIM model created by EMSI/CCbenefits. Following a very successful pilot study conducted for Warwickshire College, some 50 more colleges have commissioned similar studies.
The company started work on data provided by the college in December last year. In May, the results were made public and were impressive, Morgan says. “My college was found to put £125m each year into the Warwickshire economy.”
This was based on the earning capacities over a working lifetime of 30 years of the colleges’ graduates who had gained qualifications there. The college was also assessed as yielding a return rate of 6% on every tax pound invested in it.
These were the key economic impacts. In addition were the savings made in healthcare and judicial costs by the colleges’ graduates because educated people tend to be fitter and commit less crime, Morgan says.