Crossrail 2 will add billions to UK economy, finds study
- 2nd October 2015
- Business & Economy
A new analysis from Big 4 firm KPMG has found that the overall impact of Crossrail 2 will be positive for the UK economy and also bigger than had been expected.
The effect on the country's productivity will mean significant gains for both business and the nation's GDP, according to the study.
Crossrail 2 development
Around £102 billion will be added to the UK’s GDP as a direct result of the impact of the rail infrastructure upgrade.
KPMG also found that £5 billion would be gained in the process of creating Crossrail 2, with SMEs across a range of industries including engineering, construction and manufacturing all seeing distinct benefits.
The cost of the Crossrail 2 project is currently estimated at £32 billion, so the projected positive impact that KPMG claims will result would represent a triple payback.
Prior to this study, regional impact estimates for the project foresaw the West Midlands gaining £1 billion, the North-east £200 million and the Scottish economy seeing an injection of an extra £170 million.
KPMG also points out that there will likely be other impacts not currently accounted for, and the regional impact within proximity to the lines will be the most beneficial.
Although the growing need for greater rail capacity isn't something that every observer agrees on, the long-term nature of the project and the financial benefits the KPMG analysis says it will bring mean that the progress of the project is certain to be in the news over the coming months.
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