London is the most visited city in the world, and the most attractive for Foreign Direct Investment. It is a place where people love to come to do business, see the sights, experience the culture and heritage, to socialise and have fun. London already has an extensive transport system which supports its economy but it has never had an overnight underground service.
In providing one it will join New York, Chicago, Stockholm, Copenhagen, Berlin and Sydney which all offer night time metro services to differing extents. In order to remain globally competitive and attractive to investors and visitors it needs to continue to innovate and stay at the forefront, it needs to provide similar transport provision to its competitors and retain its status globally as a world class city. TfL and London First commissioned a study by Volterra into the impact of the Night Tube on London’s night time economy and this week announced that they will run a Night Tube service at weekends on the five main lines from September 2015.
The findings of the Volterra study showed that the Night Tube will support 1,965 permanent jobs in the night time economy, and that there could be time savings of up to an hour on some routes. The 24-hour service will provide a £360m boost to the economy over the next 30 years. The benefit cost ratio is estimated to be 3.9:1 – so that for every £1 spent on delivering the Night Tube, the gain will be £3.90.
- Increased safety for taxi passengers due to a decrease in demand for illegal minicabs
- Improved commuter journeys for shift workers
- Potentially longer opening hours for the city’s attractions, including reduced congestion after major events
- Improved accessibility to Heathrow in the early morning at weekends
- Contribution towards a more vibrant night-time economy
- Increased attractiveness of London for visitors, residents and businesses
Ellie Evans, Partner at Volterra said “this has been a great study to be involved with. A Night Tube service will help maintain London’s status as a leading world city, continuing to attract investors, workers and tourists. I am excited to see how this plays out in 2015 when the scheme comes to life in the capital in time for the Rugby World Cup”.
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