Ungated Post | 18 Jan 2018
BP’s impact on the UK economy in 2016
Building on the comprehensive report of BP’s impact on the UK economy in 2014, and the update for 2015, this report shows that BP’s activities continue to contribute substantially to the UK economy.
In total, BP’s direct, indirect and capital expenditures are estimated to have supported one in every 260 jobs in the UK in 2016, or 0.4% of all employment in the country. An estimated 0.5% of UK GDP in 2016 was in some way reliant on BP’s activities–whether directly, indirectly, or through the company’s capital expenditure. That is £1 in every £190 of GDP created in Britain during the year.
BP has a large economic footprint across many parts of the UK. It directly employed 16,685 people in 2016, including BP’s core workforce, retail workforce, and contractors. Of these, 6,600 people worked in the South East, 3,300 in London, 3,000 in Scotland, 1,400 in the East of England, and 690 in Yorkshire and the Humber.
Moreover, BP’s employees are highly productive; on average, each worker created £250,000 in gross value added contribution for the UK economy in 2016, equivalent to 4.2 times the national average productivity per worker in 2016.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
Americas
Diantha Redd
+1 (646) 503 3052
Email
Asia Pacific
Peter Suomi
+65 6850 0110
Email
EMEA
Aoife Pearson
+44 (0)203 910 8054
Email
Related Services
Post
Powering the UK Data Boom: The Nuclear Solution to the UK’s Data Centre Energy Crunch
The UK’s data centre sector is expanding rapidly as digitalisation, cloud computing, and artificial intelligence (AI) drive surging demand for high-performance computing infrastructure.
Find Out More
Post
Measuring the Value of Design in Singapore
This study explores how design delivers value to Singapore-based organisations, enhancing profitability, strengthening strategic performance, and supporting broad environmental and social benefits. It introduces a Theory of Change framework to help organisations more effectively communicate and measure the value of their design activities.
Find Out More
Post
How can tax and finance leaders build agile functions that thrive?
Building continuous transformation into tax and finance functions can equip them to use AI, adding rich, deep insight and value to businesses.
Find Out More
