The UK’s need for speed means a massive boost to the economy claims a new report that evaluates the plans for the superfast broadband highway across the country.

“The Evaluation of the Economic Impact and Public Value of the Superfast Broadband Programme” is an independent assessment of the impact the rollout has had in its first four years since 2012. According to the study, the UK economy should expect a £9 billion surge in turnover for businesses benefiting from the faster connections, with a £690 million net increase in Gross Value Added to the UK economy.

The new figures also show that around 5 million additional homes and businesses now have access to superfast broadband. The Government’s rollout of superfast broadband to those areas deemed “commercially un-viable” has helped take nationwide coverage to over 95%.

The Minister for Digital, Margot James said “Our rollout of superfast broadband across the UK has been the most challenging infrastructure project in a generation but is one of our greatest successes.

“We are reaching thousands more homes and businesses every week, that can now reap the clear and tangible benefits that superfast broadband provides. We are helping to ensure the downfall of the digital divide.”

Almost 100% Coverage Expected, Investment in Jobs

The rollout of superfast broadband is also expected to have an effect on local job markets. The report claims that a reduction of almost 9000 claimants of jobseekers allowance, as well as a reduction in long term claimants by 2,500 in programme areas, accompanied by the creation of 49,000 local jobs was recorded in the period 2012-2016, meaning higher numbers can be achieved in the coming years.

It was also noted that more than one million extra UK homes and businesses will gain access to superfast speeds, taking superfast coverage to 98% of the nation over the next few years.

Openreach CEO Clive Selley, said “It is great to see businesses across the UK reaping the benefits of faster broadband speeds and I’m proud of the leading role that Openreach has played in helping to deliver the Government’s rollout of superfast broadband – one of Britain’s great engineering achievements.”