A new survey shows that traffic congestion costs the UK economy more than £4.3 billion a year, or £491 per car-commuting household.
According to the survey by the Centre for Economics and Business Research and traffic information company Inrix more than £426 million are spent on fuel alone annually. Annually a commuter loses £331 the cost in terms of lost times (a total of £2.7 billion annually) , while £1.1 billion is lost by business or freight vehicles.
London is the most expensive with almost 40% of the gridlock costs occurring here and commuters spending 66.1% hours annually stuck in traffic jams. Idling traffic in London costs £15.19 per commuter, compared with £12.51 the UK national average.
“Traffic congestion impacts everything from how long it takes us to get to work and the amount of fuel we consume in our vehicles to the costs of food at the grocery store. As the UK continues facing times of austerity and high unemployment, the study indicates the efficient movement of people and commerce across our road networks is essential to fostering a healthy, vibrant economy,” said Bryan Mistele, chief executive of Inrix.