The London School of Economy has released a report that shows that cycling generates £2.9bn per year for the UK economy. The report takes into account the manufacturing, bicycle sales and cycle-related sales.
The figures show that £51m was raised by UK manufacturers with over 3.7 million bikes sold in 2010; a 28% rise from the previous year and that £1.5bn was spent on bikes as well as £850 million on cycle related goods.
There are now more than 13 million cyclists in the UK with an estimated million people taking up cycling last year.
Dr Alexander Grous from the London School of Economics said, “The good news is that structural, economic, social and health factors seem finally to have created a true step-change in the UK’s cycling scene”.