Free workplace parking saves workers £1500 a year, top three BusinessCar BC50 leasing company, Alphabet has claimed.

According to Alphabet, the UK’s four million workplace parking spaces boosts employees’ incomes by up to £7bn a year.

The leasing company said that parking in spaces away from the office can cost up to £4000 in London and over £1000 in other cities a year.

Alphabet claimed that space in car parks is under pressure from an increasing number of users, while local planning laws also restrict new commercial buildings to one vehicle space per four to six employees.

“Many people and businesses will be surprised at how much their favourite space in the office car park is really worth,” said Alphabet’s head of marketing and business development, Mark Gibson. “Workplace parking tends to be a very underrated asset. It’s good for morale, good for productivity and good for staff safety. We see it as an asset that employers should want to maximise.”

“Only a very small number of employers have launched ‘pay-to-park’ schemes to-date, but we think they may become more common over time,” he added.