Getting to the Office… Would You Sit in Traffic or Cycle Instead?

Posted on 27 August, 2011 by MOVEHUT

Demand for cycling equipment in the last year has given the industry massive push. Bicycle sales in 2010 increased by 28 per cent when compared to 2009. This resulted in 3.7 million bicycles being sold that year which raised £51 million for manufacturers.

Last year the number of cyclists in the UK increased by one million bringing the total number to 13 million people. People spent £1.5 billion on bicycles and a further £850 million on accessories. The industry in now estimated to be worth around £2.9 billion per year.

23,000 people now work in the industry, which contributes approximately £600 million to the economy in tax and wages each year. With the increase in sales, many more commercial properties are being turned into bike shops to keep up with the demand.

There are also incentives to get people to cycle to their office instead of adding to the congestion, such as the ‘cycle to work’ scheme. The scheme could give you up to 52 per cent off the cost of a new bike and the payments can be spread over a year, which are interest free. The scheme works by allowing employees a tax immunity on Income Tax, National Insurance and VAT.

The London School of Economics (LSE) produced a report on the cycle industry which said, “Rising fuel costs, improved cycle networks, concern for the environment, and the pull of the Olympics are all possible factors for the increase in popularity for cycling.” The report also showed that cyclists take on average 1.3 per cent less sick days than non-cyclists. Although this is only a small percentage, it could potentially save companies £128 million from absenteeism, which could save £2 billion over the next decade. Stewart Kellett from British Cycling agreed with the findings by saying, “This report is further evidence that when more people get involved in cycling there are measurable benefits to the individual, their family, their employer, the environment and the economy as whole.”

 




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme

America, Amazon Wants You!

UK Firms Battle To Survive

COVID-19 Grounds EasyJet Fleet

ECB Emergency Fight Back Aganist Covid-19

Aldi’s Expansion Plan

British Steel on the verge of collapse with over 20,000 jobs at risk

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market