CityFibre responds to Ofcom’s decision to approve BT Openreach’s Equinox 2 scheme
24 May 2023
Potential economic impacts include £296m in productivity benefits and £65m from a widened workforce.
A new report commissioned by CityFibre, the UK’s largest independent full fibre platform, has identified that Southend-on-Sea stands to be a huge beneficiary from the rollout of future-proof full fibre infrastructure, which is now well underway across the city.
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 £50m investment in Southend-on-Sea will include £296m in productivity and innovation gains, £65m from a widened workforce, and up to a potential £497m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Southend-on-Sea could help unlock £705m in gross value added (GVA) from 5G services plus £125m from potential Smart City initiatives.
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 Southend-on-Sea flexible working productivity uplifts are estimated to exceed £17m.
The direct impact of network construction is also identified as a major contributor of Southend-on-Sea’s economic growth, creating many jobs within CityFibre’s build partners and supply chain. The new jobs will also generate an estimated £23m in incremental GVA and most will be recruited locally to support the rollout.
The UK, as a whole, stands to benefit from over £38bn in potential economic benefits. Productivity improvements and innovation are responsible for the largest impact, driving more than £22bn 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.
Jean Gowin, Area Manager for Southend-on-Sea at CityFibre, said: “The research released today underlines just how transformational full fibre infrastructure will be for Southend-on-Sea. Our network will propel the city forward, unlocking innovation and productivity gains for businesses, while allowing seamless streaming at home.”
Anna Firth, MP for Southend West, added: “Our great new city needs the best infrastructure possible to unleash its full potential.
“It’s fantastic to learn of the benefits that CityFibre’s full fibre infrastructure will bring to our city. With thousands of premises already connected, I cannot wait for the network to be rolled out right across the city, which will ensure that Southend becomes a city of opportunity for all.”
Residents interested in giving their home broadband a boost can find out more about the build and check whether services are live by visiting here: www.cityfibre.com/pr.
With network projects in over 60 cities and construction underway to reach up to 8 million homes
24 May 2023
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