Leeds rail institute promises multi-billion economic boost
A new rail research institute being built by Leeds University could deliver a multibillion boost to the UK economy, according to a new report.
The study, provided by Leeds-based consultancy Genecon, says the Institute for High Speed Rail and System Integration could have a dramatic economic impact by improving the overall efficiency of UK rail. Using data from the Office for Road and Rail, Genecon claims that just a one per cent improvement in rail operations could help add £3bn to the UK economy by 2050.
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“The Institute has the potential to deliver real benefits for Yorkshire, the Northern Powerhouse and the wider UK,” said David Tuck, managing director of Genecon. “It symbolises the region’s increasing role as an international centre for advanced research and its contribution to national economic growth and productivity.
“By improving rail network efficiency, the new Institute has a critical role to play in accelerating UK productivity growth, as well as acting as a catalyst to rail industry and related investment in and around the Leeds Enterprise Zone.”
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