Parking management worth £3.58bn to economy

New London Councils research has found that parking management undertaken by councils contributes £3.58 billion per year to London’s economy.

Having commissioned Integrated Transport Planning (ITP) to research public parking management in London, London Councils argues that parking management is an essential public service that benefits London’s economy while helping to deal with traffic, improve air quality and ensure better road safety.

As well as the contribution to the capital’s economy, the report finds that the current cost-benefit ratio of parking management stands at 10:1, meaning that for every pound spent on parking measures, London benefits tenfold.

Julian Bell, chair of London Councils’ Transport and Environment Committee, said: “Many people only think about parking when they have a bad experience, such as when they can’t find a space or if they do receive a parking ticket. This means it is easy to misunderstand why councils and TfL manage parking services.

“However, with nearly 10 million journeys made in the capital daily, our report shows that parking management makes a major contribution to London’s economy, worth £3.58 billion, and every pound invested in parking services benefits our city ten times over. London boroughs use a range of parking measures in different parts of the capital to ensure people, goods and services can move around the city safely and efficiently, incentivising cleaner and healthier forms of transport whenever possible.”