Parking management undertaken by councils is an essential public service that benefits London’s economy while helping to deal with traffic, improve air quality and ensure better road safety, finds new research commissioned by London Councils.
The report calculates the value parking services add to the capital to be around £3.58 billion per year. It also assesses the cost-benefit ratio of parking management to be 10:1 meaning that for every pound spent on parking measures, London benefits tenfold.
Cllr Julian Bell, Chair of London Councils’ Transport and Environment Committee, said: “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.”
