London Library’s creative value estimated at £21.3m

A report estimates the world's largest lending library generates five times as much as its operating costs for 2019 each year.

First opened in 1841, London Library says it has a long history of supporting some of the UK's most creative minds, with even non-users valuing the social role it plays.

It commissioned the research to "place an economic value on this aspect of its role, and measure its social impact, as it looks to raise the funds necessary to expand its reach," the report says.

The majority of its annual economic value (£9.42m) is concentrated in its contribution to journalism. 

Non-users value the library at £3m per year, while the value of access to its collections is estimated at £2.5m per year.