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Rail upgrade could boost economy by £120 million, says RDA
24 July 2009
Electrification of the London-Swansea rail route could deliver a
£120 million boost every year to the regional economy, the South
West RDA (Regional Development Agency) claimed today.
Research available to the RDA shows that business productivity
falls the further from London you are. Shorter journey times
between the capital and Bristol, therefore, could see productivity
improve by over 1 per cent per year, potentially adding £120m to
the surrounding economy.
Confirmation of the £1 billion electrification project - work on
which will begin immediately - follows extensive lobbying by the
RDA and its partners to the Government of the potential benefits of
the project. Evidence collected by the South West RDA has shown
that rail is particularly important for maintaining connections to
and from major economic markets within and without the region and
in supporting the growth of the South West's urban areas. Swindon,
Bristol and Bath, through which the line passes, are major
contributors to the success of the South West economy. The
electrification of the line also sits with the RDA's ambitions to
move towards a low carbon economy, which were given a major boost
last week with the region's designation as the UK's first low
carbon economic area.
The research comes a day after ministers formally responded to
the South West's Regional Funding Advice (RFA), where regional
partners come together to advise the Government on spending
priorities for the region on transport, housing, skills and broader
economic development.
Ministers recognised the region's commitment to public transport
solutions, and made available up to £2.8bn to deliver a range of
prioritised transport infrastructure projects across the
region.
These priorities have been negotiated and agreed by the South
West RDA and the South West Strategic Leaders' Board, acting on
behalf of South West Councils.
In their RFA response, ministers also praised the South West
partners' ongoing work to develop joint approaches to tackling the
region's key challenges - sustainable development, transport,
economic prosperity, successful places and businesses.
They also acknowledge the region's leading position in
delivering the low carbon economy agenda, including welcoming
further exploration of two major energy pilots for the region.
South West RDA Chairman Sir Harry Studholme said: "The
government's positive response to our Regional Funding Advice is
welcome and encouraging, especially as they readily acknowledge the
growing working relationship between regional partners. The
Strategic Leaders' Board - on behalf of South West Councils - the
South West RDA and other partners have worked hard to develop
common cause on these issues so it is good to see this helping to
further our case in Westminster and Whitehall.
"I am particularly pleased that the region will now be able to
make further significant progress with many of its transport
priorities.
"These have emerged through discussion and negotiation across
the region, and many South West communities and businesses now
stand to benefit from an improved sustainable transport
infrastructure in the years ahead."
Cllr Angus Campbell, Chairman of the Strategic Leaders' Board
said: "We are pleased that Government has recognised that the South
West has worked effectively together to develop the priorities for
Regional Funding Advice and engaged partners widely.
"It has also been acknowledged that our advice was prepared
against a background of tough economic challenges. The current
climate makes it even more vital that we make the best use of
public finances.
"The Strategic Leaders' Board has worked closely with the South
West RDA and other key partners to give Government a clear picture
of what is needed in the region. The challenges we face do not
always fit within administrative boundaries. Councils increasingly
recognise the benefits of working together and with partners to
tackle difficult issues and improve the lives of people in the
South West. The Regional Funding Advice is a good example of
this."
Ends
Notes to editors
1. The South West RDA leads the development of a sustainable
economy, investing to unlock the region's business potential. It is
helping companies respond to the economic crisis and charts a
course for recovery. The RDA is developing or expanding initiatives
which include: establishing a Business Loan Fund; coordinating the
response to large companies in difficulty; preparing for economic
recovery.
Follow the South West RDA on Twitter at SWRDAPress.