Common use of Economic Benefits Clause in Contracts

Economic Benefits. Benefits for the UK economy are one indicator of success and performance within the lifelong learning sector. The interim report by Xxxx Xxxxxx (2005) presented a cost- benefit analysis model,9 which considered the implications of participation in lifelong learning for the UK economy and which projected that by the year 2020: • decreasing the number of adults with skills below NVQ level 1, by 2.7 million in relation to literacy and 2.4 million in relation to numeracy, could deliver a net benefit to the UK economy of £50–70 billion over the period, an average of £1.8–2.2 billion per year (p.95) • up-skilling an additional 3.5 million adults to NVQ level 2 (or equivalent) could deliver a net benefit to the UK economy of between £85–100 billion (p.92) • up-skilling an additional 3.5 million people to NVQ level 3 (or equivalent) could deliver a net benefit of £105–125 billion (p.93) • adding an additional 3.5 million people to the population with NVQ level 4 (or equivalent) or above, which could be achieved by increasing the HE attainment rate to 65% of those aged 19–30 years, could deliver a net benefit of £125–145 billion (p.94). In his final report, Xxxxxx (2006) suggests that achieving the stated ambitions outlined in section 4.1.1 has the potential to contribute an additional £80 billion to the UK economy over the next 30 years – representing a £2.5 to £3 billion per annum increase – alongside a 15% increase in productivity and a 10% increase in the employment rate. Moreover, the potential productivity gains increase exponentially if the number of graduates and those holding higher degrees can also be increased.

Economic Benefits. Benefits for the UK economy are one indicator of success and performance within the lifelong learning sector. The interim report by Xxxx Xxxxxx (2005) presented a cost- benefit analysis model,9 model,8 which considered the implications of participation in lifelong learning for the UK economy and which projected that by the year 2020: • decreasing the number of adults with skills below NVQ level 1, by 2.7 million in relation to literacy and 2.4 million in relation to numeracy, could deliver a net benefit to the UK economy of £50–70 billion over the period, an average of £1.8–2.2 billion per year (p.95) • up-skilling an additional 3.5 million adults to NVQ level 2 (or equivalent) could deliver a net benefit to the UK economy of between £85–100 billion (p.92) • up-skilling an additional 3.5 million people to NVQ level 3 (or equivalent) could deliver a net benefit of £105–125 billion (p.93) • adding an additional 3.5 million people to the population with NVQ level 4 (or equivalent) or above, which could be achieved by increasing the HE attainment rate 8 The cost-benefit analysis model is based on a number of key assumptions and has a range of limitations such that it “should only be a guide to 65% the potential impacts of those aged 19–30 yearsskills policy. A number of other tools should be used in reaching a judgement about the impact and suitability of a particular skills profile” (Xxxxxx, could deliver a net benefit of £125–145 billion (p.942005, p.86). In his final report, Xxxxxx (2006) suggests that achieving the stated ambitions outlined in section 4.1.1 has the potential to contribute an additional £80 billion to the UK economy over the next 30 years – representing a £2.5 to £3 billion per annum increase – alongside a 15% increase in productivity and a 10% increase in the employment rate. Moreover, the potential productivity gains increase exponentially if the number of graduates and those holding higher degrees can also be increased.

Economic Benefits. Benefits for the UK economy are one indicator of success and performance within the lifelong learning sector. The interim report by Xxxx Xxxxxx (2005) presented a cost- benefit analysis model,9 model,7 which considered the implications of participation in lifelong learning for the UK economy and which projected that that, by the year 2020: • decreasing the number of adults with skills below NVQ level 1, by 2.7 million in relation to literacy and 2.4 million in relation to numeracy, could deliver a net benefit to the UK economy of £50–70 billion over the period, an average of £1.8–2.2 billion per year (p.95) • up-skilling an additional 3.5 million adults to NVQ level 2 (or equivalent) could deliver a net benefit to the UK economy of between £85–100 billion (p.92) • up-skilling an additional 3.5 million people to NVQ level 3 (or equivalent) could deliver a net benefit of £105–125 billion (p.93) • adding an additional 3.5 million people to the population with NVQ level 4 (or equivalent) or above, which could be achieved by increasing the HE attainment rate to 65% of those aged 19–30 years, could deliver a net benefit of £125–145 billion (p.94). In his final report, Xxxxxx (2006) suggests that achieving the stated ambitions outlined in section 4.1.1 has the potential to contribute an additional £80 billion to the UK economy over the next 30 years – representing a £2.5 to £3 billion per annum increase – alongside a 15% increase in productivity and a 10% increase in the employment rate. Moreover, the potential productivity gains increase exponentially if the number of graduates and those holding higher degrees can also be increased.