Broad benefit to the capital
Report shows BT gives London £6bn boost
BT has given a £6.06 billion boost to the London economy in the past year, according to an independent study published on Monday last week.
The report, by Regeneris Consulting, highlights the local impact of BT’s activities including its takeover of EE. It revealed BT supported around 60,400 jobs in London through direct employment, spending with contractors and suppliers and the spending of employees.
The report has been welcomed by the Confederation of British Industry (CBI).
Eddie Curzon, CBI’s London director, said: “This latest research demonstrates the extent to which BT plays a key role in our local community.
“There is not a businessperson or family in this area who – directly or indirectly – is not affected by BT’s activities as a supplier of essential services, such as superfast broadband, major employer, investor or purchaser. In a competitive world, in which trade and relationships increasingly transcend regional and national boundaries, rapid and effective communications are ever more vital.”
Around 14,100 people are directly employed by BT and its EE business in London – equivalent to one in 16 employees working in the region’s IT and communications sector. Around £3.27 billion was spent with London suppliers.
The overall economic impact of BT and EE activities is expressed as a “Gross Value Added” (GVA) contribution. For London this combined GVA totalled £6.06 billion – equivalent to £1 in every 65 of the region’s total GVA.
Chet Patel, BT’s regional director for London, said: “Few organisations have a more positive and direct impact on the local economy and London’s community than BT.
“The acquisition of EE means we can invest even further, enabling people living and working in London to get access to the best communications – fixed line, mobile and broadband services – now and in the future.”