Rail adds £10.1 bn to UK economy
Britian’s rail industry is adding up to £10.1bn a year to the national economy, according to a new report.
Economists at Oxera Consulting carried out the research on behalf of the Rail Delivery Group, an industry lobby group representing train operators.
The economists found that rail boosts economic productivity by up to £11.3bn each year by reducing road congestion and connecting company offices. They also said that the rail supply chain supports 216,000 jobs and reported that the sector pays up to £4bn in taxes.
Commenting on the report, Rail Delivery Group chairman Martin Griffiths – who is also the chief executive of Stagecoach Group – said: “The railway and its supply chain are vitally important to every household in the country, linking people with jobs, paying taxes which help fund public services and increasing economic output.”
The group put out another report with KPMG earlier this month showing that the privatisation of railways had driven a £1.9bn turnaround for the industry.