UK rental leasing industry generates £25bn a year, says BVRLA
05 December 2014
Author: Daniel Puddicombe
The rental and leasing industry in the UK generates around £25bn a year for the country's economy and supports just under 320,000 job according to a new report commissioned by the BVRLA.
According to the report, carried out by Oxford Ecconomics, the £25bn is equivalent to the combined local economies of Edinburgh and Leicester and takes into account the rental industry itself, the British-made vehicles and engines it purchases, the activities of UK dealerships and the impact on the used-car market.
The report claimed the sector generates around £5.2bn of tax revenue per year, while the industry employs 53,600 people directly, and 263,400 through its wider supply chain. BVRLA claimed the total employment supported by the industry is equivalent to 1 in 88 workers in the UK.
"The sector, its supply chains and the wage-financed spending of those it employs make a major contribution to the UK economy," the report concluded.