At the launch of the Institute of Physics (IOP)’s new report, The Importance of Physics to the UK Economy, Stephen Metcalfe MP praised the significant contribution that physics makes to the national economy.
The Parliamentary launch on 17th October, marked the publication of the IOP’s latest findings which show that physics-based businesses employ more than one million people directly in the UK. That’s 4% of the total workforce – more than the finance, banking and insurance sector or the construction sector.
The report, produced in collaboration with Deloitte, shows that physics-based businesses contribute 8.5% of the UK’s total economic output and export £100 billion annually. If indirect effects such as supply chains are taken into account, the sector supports a total of 4 million jobs contributing £220 billion to the UK economy.
Since 2005 the total number of registered businesses in the physics-based sector has risen by more than 30%, highlighting that physics is helping drive the economic recovery by playing an important role in emerging sectors.
Stephen Metcalfe MP, said: “This report demonstrates that physics has the potential to turn around the UK economy. With so many jobs dependent on physics-based businesses, it’s vital that they receive the focussed support that they need.”
Professor Paul Hardaker, Chief Executive at the Institute of Physics, added: “I’m really grateful to Stephen and his parliamentary colleagues for recognising the valuable contribution that physics makes to the economy.
“Physics is all around us and has changed the way we live. This report not only identifies the value of physics to the economy but also how important it is that we are able to engender the next generation of physicists.”
Jonathan Flint, Chief Executive of Oxford Instruments, a FTSE250 company with an annual turnover of £337 million and a leading provider of high-technology systems, also spoke at the event. He said: “100% of our revenue is dependent on the physics discipline."
“Physics can play an integral part in recreating an economy that we can all be proud of.”
