Investment in a growing railway generated more than £3.2bn of work for businesses across Britain in 2012/13
Posted: 8 August 2013 | | No comments yet
This investment has sustained over 90,000 full-time jobs nationwide…
This investment has sustained over 90,000 full-time jobs nationwide in addition to the 34,000 people directly employed by Network Rail, generating significant financial returns to central government through tax revenue and savings on benefits as well as boosting local economies.
More than a third of the money spent in 2012/13 went to small and medium-sized businesses, helping support economic growth and jobs across a range of industries from telecoms suppliers and glazers to solar energy engineers and security providers.
The enhancement schemes we’ve carried out included:
- Redeveloping King’s Cross, Reading and Birmingham New Street stations
- Thameslink Programme upgrade
- Dozens of schemes to improve stations, lengthen platforms and build new railway
“Investing in infrastructure has a direct effect on the economy, creating jobs, and giving Britain the infrastructure we need to build a stronger economy and fairer society.
We have set out £100bn of investment in infrastructure over the next Parliament, including supporting the largest programme of investment in rail since the Victorian era. I’m very glad to see that Network Rail are doing their bit to drive sustainable and balanced economic growth across the UK.”
Chief Secretary to the Treasury, Danny Alexander
Work for UK-based companies
In the last four years, Network Rail have generated £17.3bn of work for our supply chain, of which £6.2bn has been with small and medium-sized businesses – a 22% increase on the previous four years. Planned enhancements and renewals expenditure between 2014 and 2019 is approximately £25bn, with 99% of this work to be undertaken by UK-based companies.
Investing in the railway
Capital investment in rail also pays back over the longer term through wider socio-economic benefits. A good example of this is the Northern Hub project, designed to boost the economic growth of the north of England through value for money improvements to rail services. The project delivers wider economic benefits valued at over £4 for every £1 invested.
It has been estimated that this project alone will deliver an annual contribution to the northern economy of £2bn.
About Network Rail Infrastructure Projects
Network Rail Infrastructure Projects is our projects delivery division and one of the biggest projects delivery businesses in the country.
Between 2014 and 2019 more than £4bn will be invested per year to replace and improve the railway. Projects such as Crossrail, Thameslink, the Northern Hub, Electrification and the new Borders railway in Scotland will help increase capacity on the railway, building on improvement that have already been delivered, such as the transformation of King’s Cross and Newport stations, significant improvements in Liverpool, and the Airdrie to Bathgate line in Scotland.