BT has generated £300 million for the Lancashire and Cumbrian economies since 2014 through employment and supply chain benefits.
According to the research generated by Regeneris Consulting, BT’s work in Lancashire and Cumbria has added the equivalent of £300 million into the economy in the last year.
In the two counties, BT employs over 2,500 people and is responsible for an additional 1,000 jobs being created along the supply chain and through contracting.
The £300 million figure, is in terms of “gross value added” (GVA), which refers to the value created by firms once costs have been paid and is then distributed in the form of profits and salaries.
In the IT and communications industries £1 in every £5 of gross value added in the Cumbria Local Enterprise Partnership area is generated directly by BT, a statistic which is mirrored in Lancashire.
The study found that in the North West the GVA for BT’s impact totalled £1.64 billion – equivalent to £1 in every £85 created by firms in the region, over a sixth of which was created in the counties of Lancashire and Cumbria.
Tim Fanning, associate director at Regeneris Consulting, said: “Our analysis confirms the sheer scale and reach of BT’s ongoing economic contribution to Lancashire 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.”
BT’s regional director for the North West, Mike Blackburn, said that BT’s economic impact cemented its place as a crucial firm within the region. He said: “There are few organisations in the North West that have a larger impact on the day-to-day life and future prospects of the region than BT.
“The facts and figures shown in this report highlight the full extent of BT’s contribution to the Cumbrian and Lancashire economies as we go about the daily business of keeping people connected and introducing new technologies, which are creating fresh opportunities and transforming lives.”