London's 24 hour economy could grow to £43 billion annually by 2029
25th August 2016
London’s night-time economy got a boost last week, with the opening of the Night Tube. The capital’s night economy has grown steadily in recent years, supporting around 1.25 million jobs and £40 billion in total GVA. The addition of the Night Tube adds around 2,200 new direct jobs and £77 million per year in economic impact by 2029, according to a new report.
The London Underground began its operation 153 years ago, and was the world’s first underground railway. In the intervening years large extensions to the underground were introduced, and today the system provides rapid transport through 11 lines reaching 270 stations and carrying 1.34 billion people per year.
While the London Underground is able to effectively and efficiently support the transport needs of travellers during the day, it has – until recently – closed its doors at night – with bus services taking over to support night travellers. In 2014, Transport for London (TfL) announced plans for a night service on select lines during weekends – around two years later, following upgrades and negotiations, the Night Tube opened last week.
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