£10.1 billion is added to the UK economy every year by the nation’s rail network, according to a recent report published by Oxera, an economic analysis firm.
Commissioned by the Rail Delivery Group (RDG), which is responsible for providing representation to Network Rail and train operators, the research also showed how carbon emissions are reduced by 7.7 million tonnes each year as a result of railway use.
According to the report, the rail sector and its associated supply chain is responsible for 216,000 jobs and £4 billion of tax revenue.
A further £308 million has been saved through preventing accidents that would otherwise have occurred if other modes of transport had been used.
Martin Griffiths, RDG’s chairman, 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.
“While other European countries have invested heavily in their railways, none has come close to matching the success of ours because they don’t benefit from the winning combination of private sector innovation and government funding.”
The RDG has already made its stance clear that it would oppose any move to nationalise the railway, as outlined in plans by the new Labour leader – Jeremy Corbyn.
Since privatisation, the number of rail journeys that are completed each year has increased by more than double: in 1997 the figure was 801 million whereas over the course of the last 12 months it has been 1.65 billion.