Hiscox: The economic impact on York (From York Press)

Hiscox: The economic impact on York

9:00am Friday 28th September 2012 in News Exclusive By Julie Hayes, Business editor

The investment by Hiscox is the largest in York by a single company since CPP moved into its Holgate Road premises in 1999 with 750 staff.

It is expected to have a huge impact on York’s economy, with the council forecasting an annual impact on York’s Gross Value Added (GVA) of £21.4 million by 2014, through supply chain impacts.

This is estimated to rise to £26.8 million GVA impact per year by 2026.

The investment in the city centre will provide opportunities for both high skilled and lower skilled workers in the city, the company has said, and it will work with the universities to provide higher skilled job opportunities for graduates.

It is hoped the investment will also boost the Hungate area and make it a vibrant area, kickstarting the rest of the development on the site.

Until the sale is complete City of York Council will continue to use the existing Haymarket car park to support city centre trade.

One of the reason’s Hiscox chose York was its short journey times to London, at under two hours, City of York Council said.

Kersten England, chief executive of the council, said: “Hiscox’s decision to invest in York demonstrates the city’s offer of a high quality business environment. York also has an unparalleled quality of life and is consistently voted one of the top places to live in the country.

“City of York Council has worked with Hiscox to understand their culture, ethos and requirements and demonstrated the qualities York has to offer including a strong resilient economy, a creative city and a competitive destination for business.

“We look forward to continuing to work with Hiscox to assist with their move to York by offering support in sustainable travel planning, pre-move visits and the planning process, where required.”