England’s public libraries generate at least £3.4bn each year, a landmark new analysis has revealed.
Carried out by economists from the University of East Anglia (UEA), the researchers estimated that a branch library typically provides £1m in value annually.
The researchers then extrapolated the findings to all of England’s 3,000 libraries, giving a national total of £3.4bn.
Published in a new report titled Libraries for living, and for living better, the research concluded that this represents a return on investment of at least six times cost.
Isobel Hunter MBE, chief executive of Libraries Connected, commented: ‘For the first time, we have rigorous academic analysis the demonstrates the far-reaching economic and social impact of libraries.
‘This innovative research by UEA should be a game-changer for public libraries and how they are viewed by local and national decision-makers. The evidence is clear: investing in libraries brings huge returns for local communities and the public purse.’
Luke Burton, director Libraries, Arts Council England said: ‘We’re keen to fund projects like this to add to the growing research demonstrating the value and impact of libraries in communities and across society.
‘Rigorous independent research like this is critical in speaking a language that is understood outside the sector. We hope it can help make the case to potential partners and funders locally, regionally, and nationally to support libraries in improving the lives of people in the communities they serve and shine a light on the services modern library services provide.’
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