BT fibre broadband rollout to boost London economy by £20bn
BT's super-fast broadband rollout in London could give the local economy a £20 billion boost over the next 15 years, according to Regeneris Consulting.
A report from the independent economics firm claimed the deployment is set to improve business performance to the tune of £7.3 billion, while business creation will generate £11 billion and almost £1 billion will come from a rise in home working.
In addition, Regeneris predicted that fibre optic broadband will help create 26,000 new jobs and 6,600 start-up businesses in London, with smaller firms expected to benefit from the increasing use of cloud computing that will be enabled by faster internet connectivity.
A further 73,000 people will take advantage of working from home over the 15-year period, the study stated.
More than 2.2 million homes and businesses in the capital already have access to fibre optic broadband as a result of BT's rollout and this number is in line to exceed 2.5 million by the end of the year.
During the 2010-11 financial year, over 60,000 London jobs were supported by the deployment through expenditure with contractors and suppliers, direct employment and spending from employees, representing a £3.8 billion contribution to the city's economy.
Chet Patel, BT's regional director for London and chair of its London Regional Board, said the report illustrates the great benefits of the telecoms giant's fibre optic broadband installations and other activities in the capital.
"BT's plans to roll out next-generation broadband across London are now at a very advanced stage. But we want to go further and would very much welcome the opportunity to have an even bigger impact on London's economy by working with the public sector to make the high-speed technology as widely available as possible," he added.
Earlier this year, the company announced that up to 165,000 more properties in ten new locations across the city - including Walthamstow, Southall, Twickenham and Upton Park - were poised to receive fibre optic broadband access for the first time.