Farnborough business flights ‘yield £1.9bn for UK economy’
Farnborough Airport generates £1.9bn of gross value added to the UK economy, claims a new study.
Business flights from Farnborough Airport, generate £1.9bn ($2.45bn) of gross value added (GVA) to the UK economy every year, according to a new report from CBI Economics.
The study revealed about 80% of flights from Farnborough Airport were related either directly or indirectly to supporting UK business and inward investment. Flights from the airport are mainly of “high economic impact, time-sensitive in nature and essential in purpose” it concluded. The economic value created by the airport was also said to generate the equivalent of 23,000 full-time employee (FTE) jobs.
The research evidences the value of business aviation to the UK economy and in particular the role of Farnborough Airport in supporting growth and investment, said Louise Hellem, chief economist, CBI Economics. “It is striking the impact that the business aviation sector has on the UK economy, in particular the economic opportunity it creates and the importance of the sector in driving UK competitiveness and growth,” she said.
Simon Geere, CEO, Farnborough Airport added: “These latest findings from CBI Economics support what we have been saying for some time, that the role of business aviation in driving inward investment and creating economic opportunity within the UK is both significant and demonstrable.”
The airport has a critical role to play in supporting economic growth – both at a local level and also across the wider UK, he said. “With Farnborough Airport serving smaller-lighter aircraft, our environmental footprint is a fraction of that of a traditional commercial passenger airport, yet our economic output relative to our size is completely unsurpassed.”
The research also quantifies the value to the UK of the proposed increase in flights at Farnborough Airport from 50,000 to 70,000 per year, with an additional £1.4bn of GVA being generated within the UK economy every year. More flights would also create an extra 17,900 FTE jobs, claimed the researchers.
The latest research follows an economic assessment last year undertaken by York Aviation, which was submitted last year to Rushmoor Borough Council as part of the airport’s planning application to increase its annual flights from 50,000 to 70,000. This claimed the localised economic impact of Farnborough Airport supported 2,600 jobs and injected £170m of GVA into the local economy each year. This contributed, it was said, to making Rushmoor one of the fastest growing Local Authorities in the UK, according to data published by the Office for National Statistics (ONS).
The CBI Economics report is entitled ‘Getting Business Going – The economic benefits to UK plc of business aviation at Farnborough Airport’.
Farnborough Airport was said to create the equivalent of 23,000 full-time employee jobs.
