Railways can be the backbone of economic growth in the regions
Investment in railway infrastructure is not just about faster or more frequent trains. It is about transforming neighbourhoods and spreading prosperity.
This newspaper has long campaigned for better connectivity across the region and wider North and today’s report from the Railway Industry Association (RIA), which represents suppliers to the sector, highlights just why.
The RIA points to the area around London’s King’s Cross and St Pancras stations as an example of the “remarkable transformative effect” of regeneration from railway stations.
Railway stations can become a gateway to opportunity for communities that were once cut off. The young 20-something looking to get their big break is able to take a job at a city firm.
The middle aged couple are able to set down roots without fearing being cut off. Elderly people are helped to become more mobile.
All of this not only aids individuals but also boosts the economy.
However, as the RIA points out there is also the opportunity to supercharge growth. It said station investment zones should be created within a 10-minute walk of stations to align planning and tax incentives. It would enable the private and public sectors to “co-invest” in local improvements, such as integrated transport hubs and increased community amenities.
The Government wants to position itself as pro-housebuilding and the railways can provide the backbone to this strategy. They can also deliver much needed economic growth.