The economic benefits of a high speed rail line between London and the West Midlands can be doubled according to an independent report unveiledtoday at the Conservative Party Conference.
Centro, the region’s transport authority, announced the findings of the report at a conference fringe event on Monday.
The Centro commissioned study shows how the already substantial boost to West Midlands economic output, average wages and job creation can be doubled if the high speed line is combined with improvements to the region’s existing rail network.
The study has found that the high speed link between London and Birmingham would boost the West Midlands’ economic output by £600m, create 10,000 additional jobs and bring an average wage increase of £100 a year for each worker.
However, combining the high speed link with enhancements to local and regional rail service would generate a £1.5 billion increase in economic output, create 22,000 new jobs and see an average wage increase of £300 a year.
Speaking at the event will be Geoff Inskip, chief executive of Centro and Julie Mills, of Greengauge 21, a not-for-profit organisation promoting the implementation of high speed rail as a national economic priority. The meeting will be chaired by Centro chairman Coun Angus Adams.
Geoff said: “This independent study looks at the economic impact of improved connections resulting from the capacity freed up on the existing rail network following the introduction of the high speed rail link.
“It shows that the high speed link between London and the West Midlands without regional enhancements would deliver less than half of the potential economic benefits.
“In order to achieve these greater benefits it is important that work begins now on a package of investments on the regional rail network to support growth and improve connectivity into the high speed rail service from the whole region.”
Cllr Timothy Huxtable, Cabinet Member for Regeneration, Birmingham City Council said:
“There is little doubt that High Speed 2 will have a dramatic effect on the local, regional and national economy, created jobs, inward investment and business opportunities for all.
“Having a direct fast link to both London, and Europe beyond, can only enhance the competitiveness of regional businesses by making this an even more attratcive region to both do business with, and locate business to. This in turn will create jobs, supply chains and spending in the local economies of the entire area, bringing sustainable growth throughout.”
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