Flight Links: UK risks Billions in Trade with Fast Growing Economies
According to the Confederation of British Industry, the United Kingdom is likely to miss out on billions of pounds in trade unless it boosts direct flights to the fastest growing world economies.
New analysis published by the UK’s leading business group, reveals that adding just one additional daily flight to each of the eight largest high-growth markets would increase UK trade by as much as £1billion a year, with every increase in 1000 passengers generating up to £920,000 in new business.
In their report, Trading Places, the CBI warns the UK is failing to keep pace with major European competitors in winning new direct connections to Brazil, Russia and China, hitting long-term export potential, damaging competitiveness and deterring inward investment.
“Boosting exports is critical to our long-term growth.”
– Katja Hall, the CBI Chief Policy Director
The CBI is calling on the interim report of the International Airports Commission – led by Sir Howard Davies – to support a thriving aviation network by proposing urgent investment in the poor road and rail links to the UK’s international airports, as well as taking action on hub capacity.
Katja Hall, the CBI Chief Policy Director, said: “Boosting exports is critical to our long-term growth. Every day we delay expanding our connections, we risk falling further behind our competitors. Firms in high-growth economies are not waiting for us to make a decision before taking their business to countries with much better flight links. For too many businesses, our lack of direct connections means selling abroad to the fast-growing markets is simply not a realistic option. Firms need frequent direct flights to the widest range of markets.”