CityFibre is investing £23m bringing a new full fibre network to High Wycombe.
Economic impacts of the new fibre network are expected to include £163m in productivity benefits, £36m from a widened workforce and £8m in local authority savings.
A new report commissioned by CityFibre, the UK’s largest independent full fibre platform, has found that High Wycombe stands to be a huge beneficiary from the roll-out of future-proof full fibre infrastructure which is now well under way 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 £23m investment in High Wycombe will include £163m in productivity and innovation gains, £36m from a widened workforce, £8m in Local Authority efficiency savings and £137 in increased housing value.
Technological benefits are also a major focus of the report, which demonstrates that CityFibre’s network in High Wycombe will help unlock £389m in GVA from 5G services, £92m from the Internet of Things and £69m 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.
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. Faster and more reliable digital connectivity boosts business productivity and innovation, increasing turnover and contributing to the formation of new businesses and business models.
Neil Madle, Area Manager for High Wycombe at CityFibre, said: ‘Full fibre is a powerful catalyst for growth, and this report highlights the crucial part it plays in laying the foundations for innovation and investment.
Connectivity is extremely important. It will bring a welcome boost to High Wycombe, benefiting the economy and enhancing opportunities within the STEM sector. We’re proud of our rollout in High Wycombe, the investment we are making here, and we look forward to seeing how it will benefit residents and businesses for years to come.‘
Gareth Williams, Deputy Leader for Planning and Regeneration at Buckinghamshire Council, said: ‘We welcome the £23m investment that CityFibre is making in High Wycombe. The benefits of superfast reliable connectivity will be a real boost for both businesses and residents in the town. The rollout of full fibre across High Wycombe brings powerful economic benefits which add up to millions of pounds, as evidenced by the research in this report.‘
Residents interested in giving their home broadband a boost can find out more about the build and check whether services are live by visiting the CityFibre website at https://cityfibre.com/homes.
*Source of article : Press release on behalf of CityFibre by Weber Shandwick.