CityFibre responds to Ofcom’s decision to approve BT Openreach’s Equinox 2 scheme
24 May 2023
Economic impacts include £73million in productivity benefits, £16m from a widened workforce, and £4m in Local Authority savings.
A new report commissioned by CityFibre, the UK’s largest independent carrier-neutral Full Fibre platform, has identified that Weston-super-Mare 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 £22m investment in Weston-Super-Mare will include £73m in productivity and innovation gains, £16m from a widened workforce, £4m in Local Authority efficiency savings and £67m in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in Weston-Super-Mare will help realise £174m gross added value (GVA) from 5G services, £70m from the Internet of Things and £31m 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 Weston-super-Mare, working productivity uplifts are estimated to exceed £4m.
The direct impact of network construction is also identified as a major contributor of Weston-super-Mare’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.
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.
Kathryn Askew Smith, Area Manager for Weston-super-Mare at CityFibre, said: “This report demonstrates just how powerful and essential Full Fibre is as a catalyst for growth and a platform for innovation and investment. We’re extremely proud of our rollout in Weston-super-Mare and the investment we’re making here, and we look forward to seeing how it will benefit residents and businesses over the decades to come.”
Councillor Mark Canniford, North Somerset Council’s Executive Member for Placemaking and Economy, said: “Full Fibre connections give our local businesses and residents access to some of the fastest broadband speeds available and is an essential element of our successful town. The investment in the network supports our economy to remain competitive, innovate and grow. For our residents, it brings faster speeds to the whole family, benefiting everyone working from home and accessing online content for leisure.”
With network projects in over 60 cities and construction underway to reach up to 8 million homes
24 May 2023
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