contact
A new study published today reveals that business aviation flights from Farnborough Airport, the home of British aviation and Europe’s leading airport for premium air travel connectivity, contribute £1.9 billion of Gross Value Added (GVA) to the UK economy every year.
The report published by CBI Economics and entitled ‘Getting Business Going – The economic benefits to UK plc of business aviation at Farnborough Airport’ also discloses that the equivalent of 23,000 FTE jobs result from the economic opportunity created by the enhanced connectivity and travel assurance experienced by users of Farnborough Airport. As the largest and only dedicated business aviation airport in the UK, Farnborough Airport plays an essential role in supporting this economically impactful air travel market, a market which is increasingly being displaced from larger commercial passenger airports as they look to prioritise bigger aircraft in a capacity constrained London and South-East airports network.
The CBI Economics study, which included a comprehensive survey of UK businesses, found that approximately 80% of the flying activity from Farnborough Airport related either directly or indirectly to supporting UK business and inward investment. The report goes on to assert that based upon the survey findings and supporting analysis, flights from Farnborough Airport are predominantly of high economic impact, time-sensitive in nature, and essential in purpose.
These latest figures come on the back of an updated economic assessment undertaken lastyear by York Aviation, which was submitted to Rushmoor Borough Council as part of the Airport’s planning application to increase its annual flights from 50,000 to70,000. This found that the localised economic impact of Farnborough Airport supported 2,600 jobs and injected £170 million of GVA into the local economy each year, making Rushmoor one of the fastest growing Local Authorities in the UK, according todata published by the Office for National Statistics (ONS).
Simon Geere, CEO at Farnborough Airport said, ‘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. Farnborough Airport in particular, with its well-invested infrastructure and available runway capacity, has a critical role to play in supporting economic growth going forward, both at a local level and also across the wider UK. 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. We are hugely proud of the local and national economic success story which Farnborough Airport has clearly become.’
Louise Hellem, Chief Economist at CBI Economics said, ‘Our research evidences the value of business aviation to the UK economy and in particular the role of Farnborough Airport in supporting growth and inward investment. 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 going forward.’
‘Getting Business Going – The economic benefits to UK plc of business aviation at Farnborough Airport’ also quantifies the value to UK plc of the proposed increase in flights at Farnborough Airport from 50,000 to 70,000 per year, with an additional £1.4 billion of GVA being generated within the UK economy every year and the creation of an extra 17,900 FTE jobs. This is in addition to the transformative localised impact within Rushmoor, where jobs and GVA would increase from 2,600 and £170 million per year to 3,550 and £430 million respectively by 2040.
