Confidence in the rail industry has returned to pre-2019 levels, according to new polling carried out on behalf of the Railway Industry Association.
A survey of more than 260 rail industry leaders, conducted for RIA by Savanta, found that 45% predicted growth in the year ahead, while the proportion who predicted a contraction has fallen from 36% to 31%.
When asked about their own businesses, 60% of rail leaders predicted growth in the coming year compared with 51% in 2020 and 59% in 2019. Some 42% said the easing of COVID-19 restrictions had improved their business outlook, while just 6% felt it made their outlook worse.
In September, new research from Oxford Economics (commissioned by RIA) showed that in 2019, the rail industry generated £36 billion in economic growth, supported 710,000 jobs, and provided £14bn in tax revenue to the Treasury. It claimed that for every £1 spent, £2.50 was generated in the wider economy.