Manchester Professor says TIF will bring £10billion
Date published: 08 October 2008
Professor Michael Lugar, Dean of Manchester University’s Business School, has thrown his support behind the Future Transport package.
Based on the standard economic multiplier from public sector investment, he believes that the total financial advantage to Greater Manchester will be close to £10 billion.
Professor Lugar said: "Whatever jobs are created to build and operate the enhanced public transit facilities and services, there also will be job creation from ‘induced location’. That is from businesses that will find it attractive to move to and expand in Greater Manchester because of its improved public transport system.
"Numerous studies conclude that good mobility and quality of life are two of the most important location factors for businesses today, and the TIF package would contribute to both those attributes."
The Future Transport package has also received support from the North West Business Leadership Team (NWBLT), an umbrella organisation which includes some of the most successful companies in the region.
The Business Leadership Team’s support for the Future Transport proposals is conditional on most of the new investment being made before the congestion charge is introduced.
The Greater Manchester Passenger Transport Authority believes that 80% of the public transport improvements will have been completed before the congestion charge is introduced in 2013.
Mike Blackburn, Chairman of the NWBLT’s Transport Group and the North West Regional Director of BT, said: "The government’s package of support amounts to £1,000 for every man, woman and child living in Greater Manchester today.
"Provided the promised infrastructure investment is in place before road pricing is introduced, we believe it is right that part of the cost of improvements should be borne by those who choose to travel by car at peak times."
The public consultation into the Transport Innovation Fund bid ends on Friday (October 10).
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