BT generated a massive £5 million for the Isle of Wight economy in the past year, according to an independent report published today (Wednesday).
The report, by Regeneris Consulting, also shows that the communications company supports nearly 37,000 jobs in the South East – of which more than 54 are on the Isle of Wight – through direct employment, its spending with contractors and suppliers and the spending of employees.
The overall beneficial financial impact of BT activities is expressed as a ‘Gross Value Added’ (GVA) contribution. For the South East the BT GVA totalled £3.1 billion – equivalent to £1 in every £70 of the region’s total GVA – of which £5 million was on the Isle of Wight.
In addition, £1 in every £18 of Gross Value Added (GVA) in the IT and communications sector in the Solent LEP area is generated directly by BT.
Tim Fanning, associate director at Regeneris Consulting, said:
“Our analysis confirms the sheer scale and reach of BT’s ongoing economic contribution to the South East and the UK as a whole.
“BT makes a contribution to every community across the UK. At the UK level, £1 in every £80 of wealth created is attributable to BT – this is one of the single largest contributions to the UK economy by any firm.”
Dave Axam, BT’s regional director for the South East, said:
“There are few organisations in the South East that have a larger impact on the day-to-day life and future prospects of the region than BT.
“We are one of the region’s largest private sector employers and investors – our investment in fibre broadband in the South East alone amounts to hundreds of millions of pounds – and the services that we provide are a vital part of every community.
“The facts and figures shown in this report highlight the full extent of BT’s contribution to the local economy as we go about the daily business of keeping people connected and introducing new technologies, which are creating fresh opportunities and transforming lives.
“Aside from the company’s activities, the report also draws attention to the positive ways BT people are contributing to the communities where they live and work, whether they are a volunteer for a worthy cause or a local shopper.”
BT is investing more than £3 billion in the roll-out of fibre broadband in the UK through its own commercial programme and by working with the Government and local authorities in broadband partnerships to extend next generation broadband even more widely – especially to more rural and remote communities.
In the South East, BT is the major private sector partner in broadband partnerships in Berkshire, Buckinghamshire, East Sussex, Hampshire, Isle of Wight, Kent, Oxfordshire, Surrey and West Sussex. Through these partnerships and the company’s commercial roll-out, BT has already made fibre broadband available to more than three million South East homes and businesses – and this number is continuing to grow rapidly.
