THE ECONOMIC AND ENVIRONMENTAL IMPACT OF THE HISTORIC AND CLASSIC MOTOR INDUSTRY IN THE UK

52 11.5 Total aggregate economic footprint Table 21 Total economic footprint of the classic and historic motor vehicles industry (£m pa) Direct impact T1 multiplier Indirect impact T2 multiplier Induced impact Aggregate footprint Turnover 8,252 1.77 6,373 2.22 3,676 18,301 GVA (excl. imputed rents) 2,980 1.84 2,508 2.38 1,618 7,105 GVA (incl. imputed rents) 4,615 1.54 2,508 1.89 1,618 8,741 Employment (FTEs) 52,140 1.77 40,057 2.16 20,640 112,837 COE 1,664 1.98 1,636 2.45 769 4,070 Source: ONS, Cebr analysis The aggregate economic impact of the industry is set out i n Table 21. This combines the direct impact, the indirect impact and the induced impact to show the total aggregate footprint. Total annual turnover for the sector is £1 8,301 million although this of course includes considerable double counting because of the high level of specialisation in the sector. Total Gross Value Added (GVA) including the imp uted rents as a measure of the cost of ownership is £8, 741 million per annum. The number of Full Time Equivalent jobs supported is 112,837. 11.6 Tax contribution We have worked from the figures above to estimate the amount of tax revenue supported by the industry. Although quite a lot of the industry is not taxed directly (eg VAT only on dealers’ margins, road tax exemption) other parts of the industry pay significant amounts of tax (eg fuel duty). In total we estimate that the sector supports £2. 9 billion of tax revenues per annum, mainly through income tax, National Insurance contributions and VAT. 11.7 Exports We have not performed a full export analysis, something that might be worth undertaking for future reports. But the FBHVC report in 2016 indic ated revenue of £662 million from exports of parts and services alone. Clearly the total export revenue from this sector will be substantially more than that. 11.8 Which industries most depend on the sector? We have also carried out an analysis, extracting from the input-output analysis of the extent to which other sectors depend on the classic and historic vehicle sector. This is shown i n Table 22. There are 5 sectors where the spending resulting from the classic and historic vehicle sector is above £200 million a year. These are : construction of vehicle parts and equipment; vehicle repair;