Featured Research

from universities, journals, and other organizations

One million UK jobs depend on physics: Report

Date:
October 17, 2012
Source:
Institute of Physics (IOP)
Summary:
A new report from the Institute of Physics (IOP) shows that four percent of employees in the United Kingdom work in companies that would not exist without the physics base, or without employees that have an advanced understanding of physics.

A new report from the Institute of Physics (IOP) shows that 4% of employees in the UK work in companies that would not exist without the physics base, or without employees that have an advanced understanding of physics.

Dr Frances Saunders, incoming President of IOP, said, "It's too easy to overlook the contribution that physics makes to the economy. From the number of jobs it creates to the value it adds, this report shows how much physics has to offer to our economic recovery."

Physics-based businesses employ more than one million people in the UK, creating a greater number of jobs than both the finance, banking and insurance sector and the construction sector.

Additionally, the value that employees in physics-based businesses add to the UK economy is almost double that of the average UK employee; in 2010, the Gross Value Added (GVA) by the average employee was £36,000, while the average employee in a physics-based business contributed approximately £70,000.

Looking at physics-based businesses' contribution to the national economy from 2005-2010, while employing 4% of the country's workers, these businesses provided, on average, 8.5% of our national GVA (analogous to Gross Domestic Product, or GDP) each year.

The report, produced in collaboration with Deloitte, assesses physics-based businesses' contribution over the years 2005 to 2010 (the most recent years from which data is available) and, as such, can be used to assess the effect of 2008's financial crash on physics-based businesses.

The total number of registered businesses in the physics-based sector has risen since 2005 by more than 30%, showing that physics has an important role in emerging sectors of the economy to help drive economic recovery,

Dr Saunders adds, "Physics-based businesses have the potential to pull us out of recession but they need focused support through more ready access to capital and innovative public procurement."

Oxford Instruments, a FTSE250 company with an annual turnover of £337 million, is a leading provider of high-technology tools and systems to academic, research and industrial markets.

The company's Chief Executive, Jonathan Flint, says that "100% of our revenue is dependent on the physics discipline.

"Physics can play an integral part in recreating an economy that we can all be proud of."

What is a 'physics-based' business?

A challenge in the production of the report was identifying which business sectors can be classified as 'physics-based'; technology gifted by physics underpins a wide range of businesses -- from Tesco's checkout to Curry's flat screen televisions, lasers and LEDs wouldn't exist without physics.

Tesco's and Curry's, however, would not have been included in the analysis as IOP and Deloitte agreed that 'physics-based' businesses would only refer to those businesses that would be unable to exist without ability to respond and adapt to latest advances in research.

For further detail about the classification method and more detailed findings, please see the full report at: http://bit.ly/R2p3Pj


Story Source:

The above story is based on materials provided by Institute of Physics (IOP). Note: Materials may be edited for content and length.


Cite This Page:

Institute of Physics (IOP). "One million UK jobs depend on physics: Report." ScienceDaily. ScienceDaily, 17 October 2012. <www.sciencedaily.com/releases/2012/10/121017091749.htm>.
Institute of Physics (IOP). (2012, October 17). One million UK jobs depend on physics: Report. ScienceDaily. Retrieved September 22, 2014 from www.sciencedaily.com/releases/2012/10/121017091749.htm
Institute of Physics (IOP). "One million UK jobs depend on physics: Report." ScienceDaily. www.sciencedaily.com/releases/2012/10/121017091749.htm (accessed September 22, 2014).

Share This



More Matter & Energy News

Monday, September 22, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Thousands March in NYC Over Climate Change

Thousands March in NYC Over Climate Change

AP (Sep. 21, 2014) — Accompanied by drumbeats, wearing costumes and carrying signs, thousands of demonstrators filled the streets of Manhattan and other cities around the world on Sunday to urge policy makers to take action on climate change. (Sept. 21) Video provided by AP
Powered by NewsLook.com
What This MIT Sensor Could Mean For The Future Of Robotics

What This MIT Sensor Could Mean For The Future Of Robotics

Newsy (Sep. 20, 2014) — MIT researchers developed a light-based sensor that gives robots 100 times the sensitivity of a human finger, allowing for "unprecedented dexterity." Video provided by Newsy
Powered by NewsLook.com
MIT BioSuit A New Take On Traditional Spacesuits

MIT BioSuit A New Take On Traditional Spacesuits

Newsy (Sep. 19, 2014) — The MIT BioSuit could be an alternative to big, bulky traditional spacesuits, but the concept needs some work. Video provided by Newsy
Powered by NewsLook.com
New Music With Recycled Instruments at Colombia Fest

New Music With Recycled Instruments at Colombia Fest

AFP (Sep. 19, 2014) — Jars, bottles, caps and even a pizza box, recovered from the trash, were the elements used by four musical groups at the "RSFEST2014 Sonorities Recycling Festival", in Colombian city of Cali. Duration: 00:49 Video provided by AFP
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
 
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:  

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:  

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile iPhone Android Web
Follow Facebook Twitter Google+
Subscribe RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins