A recent study by Oxford Economics has revealed the car and van sector of the vehicle rental and leasing industry rakes in upwards of £14bn-a-year for the UK economy, supporting more than 183,000 jobs across the country. The report, commissioned by the BVRLA, offers some insightful independent data on the scope and importance of the vehicle rental and leasing sector to the nation's economic revival. The £14bn it reportedly contributes is equivalent to £1 in every £90 of UK GDP _ or even the combined local economies of western England cities Bath and Bristol. As an overall figure it takes into account of the operations within the industry itself, vehicles made within the UK and engines it purchases, the activity of UK dealerships and its impact on the used car market. Within the process, the sector generates around £2.8bn of tax revenue each year. In terms of jobs, the industry employs 38,000 people directly, with a further 145,000 people working within the wider supply chain and consumer spending effects. Indeed the automotive sector is one of the UK's few success stories within the manufacturing industry, with vehicle rental and leasing firms among its most considerable customers, acquiring an estimated 220,000 vehicles in 2011 alone. The automotive industry is also playing a vital role in driving down carbon emissions. At 123g/km, the CO2 emissions of the average lease car registered in 2012 was a 25 per cent cleaner than the average car on UK highways. As well as offering businesses a simple solution for fuel-efficient vehicles, fleet management and lower capital costs, vehicle leasing also offers a myriad of additional 'housekeeping' services _ most notably maintenance, insurance and road tax _ freeing up valuable resources for other business-critical tasks.
