A newly-released report by Oxford Brookes Business School has revealed that Blenheim Palace is contributing more than £100million annually to the economy. The figure is a major milestone for the Oxfordshire UNESCO World Heritage Site and represents a 15% increase compared to the previous year. According to the report, Blenheim Palace’s total GVA (Gross Value Added) economic impact was £100.5m. The estate also supported 2,159 jobs, a 12% annual rise.
Commenting on the new report, Blenheim Palace CEO Dominic Hare said, “I am delighted our GVA economic impact did indeed surge in year two by 15% to £100.5 million, with jobs supported by 12% to 2,159. This is an outstanding achievement, given that we have only recently embarked in this journey.”
In total, the impact of visitors’ spending outside the Palace rose to over £47m, up 14% in the year and over 22% from the start position. People directly employed by Blenheim Palace also rose 17% to 391 and its direct economic contribution to the local community was £13.8m, an increase of 5% on 2017/18.
The estate is now sourcing 44% of all its supplies from within a 20-mile radius and is looking at ways to further increase this figure in the coming months and years. This is the third report undertaken by Oxford Brookes Business School as part of a 10-year plan of action by Blenheim Palace to achieve ten ambitious targets. These include tripling the Estate’s contribution to the local economy, housing 300 families in high-quality affordable housing, completing a £40m restoration programme and becoming a net generator of green energy within a decade.
The plan also includes the training of 100 apprentices, returning key historical artefacts which have been lost from the old collection over generations and a doubling of Blenheim Palace’s total charitable contribution the local community – a goal which has already been achieved just three years in.
“I’m delighted to report that our charitable contributions have not just hit their target of £2.2millon, but indeed hit £3.5million in the year,” said Dominic.
“This was in part due to a one-off donation for the Starlight Foundation following Lord Blandford’s heroic charity row across the Atlantic, but, even without this, we hit our intended target and plan to set out a more challenging goal in future,” he added.
Property development is a key element to Palace’s 10-year plan. Together with its partners, Blenheim Palace invested just over £9m (+75%) in building new houses in several developments during 2018/19. Investment in bringing forward new affordable residential housing was approximately £3m (+368%). Last year, the Palace also introduced truly affordable housing at a 40% discount to market rents.
In order to reach its target of tripling its economic impact by 2027, Blenheim Palace is looking at three key initiative streams: working with local authorities and the government to improve transport links and infrastructure; supporting and driving investment in accommodation; and working with other large attractions and tourism bodies to attract more people to the area.
