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 reveal that the Library generates a net economic value of £419m 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 £70m per annum, including over £20 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 online at http://www.bl.uk/aboutus/stratpolprog/increasingvalue/index.html.
