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railway station There are unused resources for transportation, housing and economic development, according to a new report.
The Railway Industry Association (RIA), which represents suppliers to the sector, said its research shows the need for a new model for investment in sites.
This referred to the area around King’s Cross in London. st pancras The station as an example of the “remarkable transformative impact” of regeneration.
The RIA said station investment zones should be created within 10 minutes’ walking distance of stations to align planning and tax incentives.
It recommended a model enabling the private and public sectors to “co-invest” in local improvements such as integrated transport hubs and enhanced community facilities.
The report also calls for grouping stations into portfolios, attracting private investment and establishing economies of scale to reduce costs.
Its initial assessment is that at least 100 stations “would immediately benefit from such an approach”.
The RIA claimed that its recommendations would “utilize all different revenue streams potentially available” to stations and be “public expenditure neutral”.
About 85% of the UK population lives within five kilometers (3.1 mi) of a railway station.
It has been estimated that 1.2 million new homes could be built within 10 minutes’ walking distance of rural stations.
Darren Caplan, chief executive of the RIA, said: “Railways are the economic backbone of the United Kingdom, so station redevelopments like London King’s Cross St Pancras is demonstrating the transformative power of rail investment.
“Our proposal builds on this and other examples, and shows how an innovative collaboration between the public and private sector can build homes, create jobs, revitalize local economies and improve accessible transport.”
Labor MP Ruth Cadbury, who presides over the Commons Transport Select Committeesaid a recent investigation found evidence that the country “needs to raise its game in using private investment to improve rail infrastructure”.
He said: “Linking that investment with opportunities to redevelop town centers with much-needed housing and other amenities is the kind of two-birds-one-stone thinking we need going forward.”
Jacqueline Starr, chief executive of industry organization Rail Delivery Group, said: “Railway stations are the economic backbone of our communities, lying at the heart of towns and cities across Great Britain and contributing approximately £98 billion to local economies every year.
“Developing homes and communities around stations is vital to highlight economic, environmental and social values, creating resilient, connected places where people and businesses can thrive.
“As the industry moves towards Great British Railways, there is an opportunity to reform the rail sector and ensure it works hand in hand with partners beyond the rail industry to deliver the government’s wider housing and economic policy objectives, resulting in long-term benefits for all.”
A Government The spokesperson said: “We are taking action to build the homes and infrastructure we desperately need, including exploring ways to increase suitable building schemes around railway sites and commuter transport hubs.
“The Government will leave no stone unturned to unlock growth and build back Britain.”