Only one million UK jobs rely on Physics

Incredibly only 1 million of UK (The United Kingdom of Great Britain and Northern Ireland) jobs depend on physics according to the institute of physics (IOP) IOP – One million UK jobs depend on physics. This seems an incredibly low number, they must have very stringent criteria about what counts as physics. This headline produced from a report that was conducted with auditors Deloitte (Deloitte Touche Tohmatsu Limited).

The IOP try to differentiate jobs which rely on “the physics base” or need employees with an advanced understanding of physics, and says employees in these physics-based businesses add to the UK economy is almost double that of the average UK employee. With a Gross Value Added (GVA) of £70,000 compared to the average of £36,000.

This should mean that these physicists make up 4% of UK employees, and their added value is (70,000-36,000)*1 million = 34,000 million or 34 trillion pounds or 0.034 trillion pounds. This compares to GDP of $2.480 trillion $2480 trillion (2011 – wikipedia) 2.4 trillion (2012 – google world development indicators).

Download IOP report, the importance of physics to UK economy
IOP news

Article updated on 27 Oct 2012

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2 Responses

  1. Referee’s comments: 34,000 million, is 34 billion. A trillion is 34 million million. How does the GVA discussion lead to the conclusion that “this should mean that these physicists make up 4% of the UK employees”?

    Does this account for the age and lifespan of physicists? At what point do they become a drain on the economy compared with Mr and Mrs average?

    In the phrase an “advanced understanding of physics”, does the term “advanced” have the same connotations as in “advanced materials”?

    Minor points: there as too many abbreviations used compared with the number of paragraphs in the article: UK, Deloitte, GVA, GDP, IOP. Trillion in the middle of a sentence sometimes starts with an upper case T and at other times with the lower case variant. The same applies to Physics and physics.

    What is the difference between the gross value added and net value added?

  2. gross is really disgusting, and net has holes in it?

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