Cycling industry gives economy £3bn boost

A report by the London School of Economics has found that cycling generates nearly £3bn a year for the UK economy, taking into account factors such as bicycle manufacturing, retail and cycle-related employment. The report says £51m was raised for UK manufacturers from the 3.7 million cycles sold in 2010 - a rise of 28% on the number of cycles sold in 2009.  More than a million people also started cycling last year, bringing the total number of cyclists to 13 million.  Rising fuel costs, improved cycle networks, concern for the environment, and the pull of the Olympics are all mentioned as possible factors for the increase in popularity of cycling. 

The report also says that regular cyclists take 7.4 sick days per year, compared with 8.7 sick days for non-cyclists, saving around £128m through reduced absenteeism, with projected savings of £2bn over the next 10 years.

For more information see http://www.bbc.co.uk/news/uk-14610857