The economic value generated through libraries is being highlighted in Newcastle as the city marks the National Libraries Change Lives Week (June 2-8) which celebrates the vital role libraries play.
Newcastle’s flagship City Library houses the Business & IP Centre (BIPC) North East which offers free support and advice to new and existing businesses across the region.
Figures show each pound invested in the BIPC generates £2.53 for the local economy – an impressive 153% return on investment.
Cllr Abdul Samad, Newcastle City Council Cabinet Member for Culture, Music and Arts, said: “Newcastle Libraries play a pivotal role in the lives of communities across Newcastle, providing people with far more than just access to books. They are places where people can learn new skills, seek employment support and meet new people.
“But they’re also a significant contributor to our local economy, as the fantastic BIPC figures demonstrate, in addition to other services like Work and Thrive Central. Through the BIPC, Newcastle Libraries can provide free support to start or grow a business, develop ideas and get them off the ground, and help people make vital connections.
“With this year’s Libraries Change Lives Week’s theme being ‘changing lives by sustaining economic growth’, there’s hardly a more fitting time to shout about the widespread benefits our libraries deliver to our region and how they contribute to our efforts to create an inclusive local economy.
“We recognise the importance of our libraries and that is why we have fought so hard to ensure they remain open. Financial pressure on local government has seen libraries close across the country but protecting these spaces remains a priority of our administration.”
The BIPC North East, funded through the UK Shared Prosperity Fund administered by the North East Combined Authority, has a significant influence on business creation, jobs, skills and training in the region.
In the financial year 2024/25, we supported more than 1,000 businesses with free advice and support; administered grants to more than 400 businesses; provided training to more that 560 individuals; safeguarded nearly 200 jobs and created almost another 50. This is in addition to thousands of face-to-face and digital contacts with existing businesses and potential start-ups.
Find out more about the BIPC North East, Newcastle Libraries and Libraries Change Lives Week.