OXFORD University ploughs almost £6bn into the UK economy every year, a landmark study has revealed.

According to the new analysis, this includes £2.3bn in Oxfordshire – supporting some 33,000 jobs.

It is the first study of its kind to measure the university's economic output and looks at its research, teaching and spin-out companies in the 2014/15 financial year.

The total figure included £1.8bn gross value added from medical research and £320m from spin-outs, such as Oxford Instruments, including £147m in the county.

But in a warning shot to the Government, one of the university's top officials has warned Brexit poses 'huge risks' to the success story.

Professor Ian Walmsley, pro-vice-chancellor for research and innovation, said the UK's departure from the European Union could put fresh barriers up for academics and researchers who wanted to come here.

He said: "As we exit the EU, it's crucial we do not lose the ability to attract people from around the world to share their ideas and help us do better quality research and innovation.

"Global movement is the lifeblood of new ideas and there are huge risks on the horizon.

"There is the potential reduction in funding, but more importantly there is the risk we could lose access to the networks we have established in the EU."

However, he welcomed the recently created UK Industrial Strategy – which sets out how the UK will seek to grow its most important industries – and said commitments to support research and innovation were 'very positive'.

There was no reason why Oxford University could not help establish an economic powerhouse in the region comparable to Silicon Valley or Boston in the United States, Prof Walmsley added.

He said: "There are many good signs. There are still challenges to resolve, but we have found working with local authorities in recent years has proved very positive.

"Our ambition is to remain at the forefront of global research and innovation."

His comments come after the university and 38 colleges previously warned that leaving EU citizens in the UK in doubt of their status could also do 'enormous damage' to research.

The university's medical research activities accounted for almost a third of its economic output, the study found.

Its medical science division received £340m in research funding in 2014/15 – 70 per cent of all external research funding handed to the university.

It employs more than 5,500 members of staff including researchers, academics and NHS clinicians, as well as 3,000 students.

The study partly attributed the university's clout in life sciences to the access local companies had to its 'talent pool' of top scientists and students.

Vice-chancellor Professor Louise Richardson said: "This report provides evidence for something long known around Oxford: the university drives the economy, both locally and nationally, as well as having a significant international presence.

"We are a global institution deeply rooted in a vibrant local community and can be an engine of the British economy into the future."