Rail industry welcomes Spring Statement


Responding to the Spring Statement today, Darren Caplan, Chief Executive of the Railway Industry Association, said:

“The Railway Industry Association welcomes the Chancellor’s acknowledgment in his statement today that rail projects are driving economic growth across the UK economy. In his Spring Statement he highlighted Crossrail and East-West Rail, as well as the importance of more devolved transport spending, particularly in the Northern Powerhouse and Midlands Engine regions.

“However, given transport infrastructure is vital for future economic growth, particularly in a post Brexit world, we urge the Chancellor to also continue making the case for other essential projects too, such as Northern Powerhouse Rail and Crossrail 2.

“As the recent economic research published by RIA and its members shows, rail is a key catalyst for growth, supporting 600,000 jobs and over £36 billion GVA. What’s more, for every £1 spent on rail, £2.20 is generated in the wider economy, benefiting jobs and growth well beyond rail. So it is vital the Chancellor continues to support and invest in these major projects in future, to deliver economic growth, investment and connectivity benefits for the whole of the UK.”

ENDS

Notes to Editors

  1. About the Railway Industry Association: The Railway Industry Association (RIA) is the representative body for UK-based suppliers to the UK and world-wide railways. It has more than 200 companies in membership and the sector employs 600,000 people and contributes annually £36 billion Gross Value Added (GVA). It is also a growing industry with the number of rail journeys expected to double over the next 25 years and freight set to grow significantly too. RIA’s membership is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number). RIA works to promote the importance of the rail system to UK plc, to help export UK expertise around the globe and to share best practice and innovation across the industry. www.riagb.org.uk

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