£66 billion broadband boost predicted for the UK Economy
A new report from experts at the Centre for Economics and Business Research (Cebr) and Stantec reveals that Openreach’s ongoing upgrades to Ultrafast Full Fibre broadband across the country could deliver a £66 billion boost to the UK economy by 2029.
The once-in- a-lifetime upgrade is expected to drive productivity gains and improvements to public services, including supporting more than 620,000 people back into the workforce. It will also enable more than one million to work from home, contributing an additional £19 billion annually.
Key findings include:
- Economic Impact: Openreach’s Full Fibre rollout could add £66 billion GVA[1] to the UK economy by 2029.
- Job Creation: Flexible work options could help 620,000 individuals, including parents and older workers, return to work.
- NHS Support: An estimated five million online appointments by 2029 to help meet rising healthcare demands, doubling the current number.
- Educational Benefits: A boost to pass rates for 21,700 students in key subjects.
- Increases to Property Values: Homes with Full Fibre see an average increase of £1,900.
- Environmental Gains: By 2029, 1.4 million more home workers will mean fewer car journeys and lower carbon emissions.
Clive Selley, CEO of Openreach, said: “Our new Full Fibre network is a growth and prosperity engine. This report highlights how it will create jobs, enhance connectivity, and drive economic improvements across each nation of the UK, but continued investment depends on a stable policy and regulatory environment.”
Openreach’s new Full Fibre network is already available to over 16 million homes and businesses across the UK and the company aims to reach 25 million by 2026, and as many as 30 million by the end of the decade, assuming conditions for investment remain supportive.
The rollout is also revolutionizing healthcare access, exemplified by platforms like eConsult, which facilitates online GP interactions for more than 50 million patients. Such platforms are at the forefront of technological transformation for the healthcare industry.
Dr Murray Ellender, CEO of eConsult, said: “The rollout of full fibre enables every single patient, wherever they are, to access their GP online.”
Full fibre will help underpin further adoption of digital tools to help to reduce waiting times, reduce GP workloads and drive innovations.
Another growth area is in education; online learning tools have been widely adopted in schools across the UK, enhanced by necessity through the pandemic.
Based on our existing rollout and future plans, our research shows that over 13,000 more pupils (1% of the total number of Key Stage 2 students) could achieve pass rates that are higher at Key Stage 2 Maths, Reading and Writing as a result of the increase in Full Fibre connectivity between 2023 and 2029.
Additionally, more than 8,700 more pupils (1% of the total number of Key Stage 4 students) could achieve pass rates that are higher as a result of the increase in Full Fibre connectivity between 2023 and 2029
People should visit the Openreach postcode checker to find out if full fibre is available in their local area, and then contact their broadband provider of choice to upgrade.
The Cebr report is available at openreach.com/about/policy-hub.
ENDS
[1] Gross Value Added (GVA). A measure of the value of goods and services produced in an area, industry, or sector of an economy. It represents the value of output minus the value of intermediate inputs used in production
Taken together, the productivity and workforce boosts to Gross Value Added (GVA) will total £66 billion per year by 2029 and £73 billion per year by 2034
