United Kingdom

Bizav flights from Farnborough generate nearly £2bn to UK economy every year

A study published by CBI Economics entitled, ‘Getting Business Going - The economic benefits to UK plc of business aviation at Farnborough Airport’, has revealed that business aviation flights from Farnborough Airport contribute £1.9bn of Gross Value Added (GVA) to the UK economy every year.

The report also discloses that the equivalent of 23,000 FTE jobs result from the economic opportunity created by the enhanced connectivity and travel assurance experienced by users of Farnborough Airport.

The study goes on to assert that flights from Farnborough Airport are predominantly of 'high economic impact, time-sensitive in nature, and essential in purpose'.

“These latest findings from CBI Economics support what we have been saying for some time, that the role of business aviation in driving inward investment and creating economic opportunity within the UK is both significant and demonstrable," said Farnborough Airport CEO, Simon Geere.

"Farnborough Airport in particular, with its well-invested infrastructure and available runway capacity, has a critical role to play in supporting economic growth going forward, both at a local level and also across the wider UK. With Farnborough Airport serving smaller-lighter aircraft, our environmental footprint is a fraction of that of a traditional commercial passenger airport, yet our economic output relative to our size is completely unsurpassed."

The report also estimates that increasing flights at Farnborough Airport from 50,000 to 70,000 per year could generate an additional £1.4bn of GVA annually and create 17,900 extra full-time jobs. This growth would also enhance the local economy, increasing jobs and GVA from 2,600 and £170m annually to 3,550 and £430m, respectively, by 2040.