Reading residents can expect £1bn economic boost from CityFibre Full Fibre rollout
04 August, 2022 – A new report commissioned by CityFibre, the UK’s independent carrier-neutral Full Fibre platform, has identified that Reading stands to be a huge beneficiary from the rollout of future-proof Full Fibre infrastructure which is now well underway across the town.
The study by the consultancy Hatch, (Economic impact of Full Fibre infrastructure from CityFibre’s network), estimates that, over a fifteen-year period, the positive impacts of CityFibre’s [£58 million (€68.83 million)] investment in Reading will include [£625 million (€741.71 million)] in productivity and innovation gains, [£138 million (€163.77 million)] from a widened workforce, [£18 million (€21.36 million)] in local authority efficiency savings and [£384 million (€455.71 million)] in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Reading will help realise [£1 billion (€1.19 billion)] gross added value (GVA) from 5G services, [£249 million (€295.50 million)] from the Internet of Things and [£263 million (€312.11 million)] from smart city initiatives, like intelligent traffic management systems and street lighting.
The continuing transition to home and flexible working, supported by Full Fibre access at home and in the office, is also unlocking access to a larger pool of labour for employers. In Reading, working productivity uplifts are estimated to exceed [£35 million (€41.54 million)].
The direct impact of network construction is also identified as a major contributor of Reading’s economic growth, creating network construction jobs within CityFibre’s build partners and supply chain. Wherever possible, the new jobs will be recruited locally to support the rollout.
As a whole, the UK stands to benefit from over [£38 billion (€45.10 billion)] in potential economic benefits. Productivity improvements and innovation are responsible for the largest impact, driving more than [£22 billion (€26.11 billion)] in GVA gains nationwide. This is due to the positive effect that far faster and more reliable digital connectivity has been shown to have on business productivity and innovation, increasing turnover and contributing to the formation of new businesses and business models.
Stacey King, area manager for Reading at CityFibre, says “This report demonstrates just how powerful and essential Full Fibre is as a catalyst for growth and a platform for innovation and investment.
“Reading is quickly becoming one of the best digitally connected towns in the UK, and the opportunity for residents and local businesses is huge. We thank residents for their patience as we progress with the Full Fibre infrastructure build here in a bid to offer more people access to some of the best broadband packages available.”