Met Office delivers £56 billion of economic value to the UK
By Jill Dando News
A new independent economic study has concluded that the Met Office will deliver benefits worth £56 billion to the UK economy over the next ten years, equivalent to a return of almost £19 for every £1 of public money spent.
This underscores the significant economic benefits and value the Met Office delivers to the UK.
The study reveals the wide range of impacts Met Office services have across five broad areas:
- Weather information, forecasts, warnings, and advice
- Climate information and projections
- Weather and climate services to industry
- Scientific research, innovation, and technology
- International partnerships and public engagement
Met Office Chief Executive Penny Endersby said: "We are proud that we offer such a high return on every pound invested in our science and services, and will strive to keep improving our capabilities to help you make better decisions to stay safe and thrive."
The Met Office has over 1200 public and private sector customers, bringing in over £330 million of revenue annually. Alan Lovell, Chair of the Environment Agency, emphasized the importance of timely and reliable weather information in combating the growing threat of flooding.
The independent economic analysis, carried out by London Economics, highlights substantial non-monetised benefits accruing to the UK and globally.
Dr Charlotte Duke, Partner at London Economics, noted the study's significance in understanding the complex matrix of services the Met Office provides.
The Met Office continues to be a cornerstone of economic and scientific advancement, meeting the needs of government, industry, and citizens for both current and future requirements.
These findings underscore the importance of ongoing investment and support for the Met Office's initiatives.
Science Minister Lord Vallance said: "This report provides strong evidence that the Met Office can help drive economic growth and benefit the economy over the next decade.
“These independent findings underline the value our public sector research establishments provide to the taxpayer and the importance of staying at the forefront of science for the country."
Read the full London Economics study.
Read a summary of the study’s main findings
