(23 May 2013) The British Library has published an updated evaluation of its economic contribution to the UK, looking at how the British Library creates economic value for its users and society as a whole.
The Library last undertook a study of this kind in 2003. The report shows that the economic value that the Library delivers is now almost five times its costs, representing a return on investment of 5:1.
Key findings: The Library generates a net economic value of GBP419m for its users and UK society as a whole; The benefit cost ratio increased to 4.9 from 4.4 in 2003. When global value is considered the benefit cost ratio is 5.1.; The value of the Library’s Reading Rooms is GBP70m per annum, including over GBP20 million for the Business & IP Centre.
The findings of the study will be used to inform internal strategic and business planning processes.
The evaluation was conducted using benefit cost analysis (BCA) within a Total Economic Valuation (TEV) framework, in line with Treasury good practice guidelines. It was undertaken by Oxford Economics on behalf of the British Library.
A summary of the report and the full study is available here.