While the key drivers of UK economic growth look on in bemusement, if not downright consternation, the UK government contorts this way and that over the means by which we might cut pensioners fuel allowance in order to afford more F-35 stealth jets. Meanwhile, a slowly growing concern relates to the brutal reality of how: how did we propose to build our economy when Labour was elected almost a year ago? How did we propose to generate greater revenues to expand the tax base? How have things improved since then? How have the lessons of Year One informed deliberation for the balance of the Starmer administration?

Perhaps the most amazing example of a catch dropped, the low-hanging fruit ignored – pick your metaphor for unaccounted loss – is the handling of student visas for young students since the release of the country from COVID’s grip. After years of steadily maintained foreign student numbers, the numbers of international students have not taken off as they might have done post-COVID, given the building blocks that have long been in place to take this vital part of the Economy to the next level:

1. The proportion of financial return on investment in infrastructure is low in comparison with other industries;
2. The UK has a world-leading roster of English-speaking, high-quality universities, packed so tightly that some of them are next door to each other, e.g. LSE and King’s College London;
3. In London we have a world centre, if not indeed the world centre for computer gaming, Extended Reality technologies, high-tech storytelling, and graphic simulations;
4. The “export” of the “product” involves no shipping costs; the customer actually pays to come and get the knowledge through their visa, and completes the necessary paperwork;
5. On current numbers, almost 500,000 students come to the UK annually and contribute to the economy, pay taxes and support the NHS with an annual Immigration Health Surcharge;
6. In addition to spending on goods, services and living costs, students very often supplement their living costs through employment in the hospitality and service sectors – overall providing a projected nett benefit to the UK economy of c£40 billion annually;
7. However the notion of “soft power” is defined, the UK is better placed than most countries to boast the cultural and heritage qualities of a stable, largely congenially defined society.

This last point has a value beyond pounds and pence, but readers interested in more detail on this score, and on the challenges being faced by UK universities in addressing the threats to their income, should read an excellent piece by NESTA’s chief economist, Tim Leunig, in today’s Observer.

From the perspective of Cradle of English and given our increasing commitment to high-resolution 3D scanning and immersive technologies, Artificial Intelligence, Augmented Reality and User Generated Content, we are acutely aware of where our workforce and audiences are going to come from as our growing markets in EdTech and tourism evolve. The world of opportunity does not depend upon the UK to create it, but if the country can recognise the pearl on its metaphorical doorstep, the products that sally forth into the world in some sense under a UK kitemark  — whether graduation certificates or UK digital trademarks – will be cornerstone drivers of a sustainably rich economy for generations to come.