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
- 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