Ungated Post | 14 Sep 2015
BP’s impact on the UK economy
This report investigates the economic and social contribution BP makes to the UK. The report was launched on Monday 14th September 2015.
In total, BP’s direct, indirect and capital expenditures are estimated to have supported one in every 244 jobs in the UK in 2014, or 0.4% of all employment in the country. An estimated 0.5% of UK GDP in 2014 was in some way reliant on BP’s activities–whether directly, indirectly, or through the company’s capital expenditure. That is £1 in every £217 of GDP created in Britain during the year.
BP has a large economic footprint across many parts of the UK. Its operations directly created an estimated £840 million in gross value added in the South East, £540 million in London, and £430 million in Scotland. BP’s spending on goods and services and capital expenditure also supported an estimated £2.5 billion in gross value added in Scotland, £1.3 billion in London and £990 million in the South East.
Moreover, BP invests around 40% of its global research and development budget in the UK. A large proportion of this spend was in collaboration with centres of excellence in 22 of the UK’s leading universities or at three BP-owned technology centres.
To find out more, please visit: www.bp.com.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
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