THE economic benefits of a High Speed rail line between London and the West Midlands can be doubled according to an independent report unveiled today at the Conservative Party Conference.
West Midlands Passenger Transport Executive (Centro) commissioned the study, which says 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, HS2, 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.
But combining HS2 with enhancements to local and regional rail services 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, the study claims.
Centro chief executive Geoff Inskip 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 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.”
Julie Mills, director of the High Speed rail pressure group Greengauge 21, added: “Investment in high-speed rail is one of the most effective things we can do as a nation to boost economic growth.
“Centro’s research highlights convincingly that high-speed rail is effective not just as a modern and highly efficient new transport system but also in allowing us to improve rail services on existing lines.”
Councillor Timothy Huxtable, Cabinet Member for Regeneration at Birmingham City Council, said: “There is little doubt that High Speed 2 will have a dramatic effect on the local, regional and national economy, creating jobs, inward investment and business opportunities for all.”