22.08.11
Cycling industry worth £3bn to UK economy
The cycling industry is providing a massive boost to the economy, according to researchers at the London School of Economics (LSE).
In 2010, 3.7 million cycles were sold, with over a million people taking up cycling. This brings the total number of cyclists in the UK to 13 million. More people working in cycling also contribute to the economy, with wages and the taxes that they pay.
Manufacturing the bikes, plus the associated spending on accessories, adds up to nearly £3bn per year.
Cycling can also save money in other areas, such as reduced congestion, pollution levels and NHS costs. Cyclists have generally been found to take fewer sick days, and this reduced absenteeism results in savings.
Dr Alexander Grous of the LSE said: “The good news is that structural, economic, social and health factors seem finally to have created a true step-change in the UK's cycling scene.”
Stewart Kellett, of the governing body of UK cycle sport, British Cycling said: “This report is further evidence that when more people get involved in cycling there are measurable benefits to the individual, their family, their employer, the environment and the economy as whole.”
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