UK rail worth £36bn

New research values rail’s annual contribution of the UK economy of £36 billion and associated with 600,000 jobs.

NEW research published by the Railway Industry Association (RIA) and ten rail sector partners has shown the value of the UK rail network to be much greater than previously thought.

Compiled by Oxford Economics, figures contained within The Economic Contribution of UK Rail 2018 report show an annual contribution to the UK economy of £36 billion that is associated with 600,000 jobs, compared with an economic value for rail of just £10.4bn that supports 240,000 jobs, which the Government currently uses.

According to RIA Chief Executive Darren Caplan, the disparity comes from a failure to take into account the wider rail network, including metro services, plus catering and retail at stations.

The £36bn also includes £11bn generated annually in tax revenue, and equates overall to an income of £2.20 generated from every £1 spent on the rail network.

Caplan said: “The report shows that the economic value of rail to the UK is considerably bigger than previously thought. These new figures take into account the full impact of the rail industry, and include areas which are not included in other studies.

“The implications of this report are clear. The UK rail system should not be seen just as a vital mode of travel - connecting businesses, friends and family, and visitors to the UK - but also as a key industry for the economy in its own right.

“We urge the Government to consider and use the findings of this report when developing its Industrial Strategy agenda, negotiating trade deals with other countries once we have left the EU,