Night Tube to boost London businesses

Night Tube to boost London businesses

London’s new Night Tube service could add £77m to the capital’s economy each year as of 2029, according to a new report by London First and EY.

The report by EY and Business First analyses the capital’s 24 hour economy looking at how new infrastructure and investment could benefit the economy.

The 24 hour economy is currently worth up to £26.3bn annually, around 8% of London’s GDP, and directly supports one in eight jobs  (723,000 workers). The report suggests this could rise to 790,000 in less than 15 years.

This continued growth is being driven by the introduction of the Night Tube service which will be launched on 19 August.

It is expected that the introduction of the service will give an immediate boost to bars, pubs, hotels, restaurants and leisure facilities in particular.

The service could also see up to 2,200 new jobs created across the capital, with over 500 jobs directly employed in operating the service.

Speaking about the service, Sadiq Khan said: “The Night Tube opening is a fantastic and exciting opportunity for London.

“It will unlock the full potential of London’s night time economy, and will be a huge driver in creating jobs and supporting hundreds of businesses in our city.

“London’s culture and nightlife, from our theatres to our music venues, is iconic around the world.

“With the night tube more people will be able to experience London’s unique cultural scene, making a substantial and vital contribution to our city’s future economic prosperity, and sending out a signal that London is truly open.”

John Dickie, director of strategy and policy at London First, added: “The night-time economy is already worth nearly 10% of London’s total GDP.

“Shifting London to a 24 hour city has the potential to increase that share significantly, creating new opportunities, more jobs and greater prosperity.

“The opportunity for policy makers is to move beyond traditional sectors, such as bars and restaurants, into creating a truly 24 hour city.”

 

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