JCB supports 24,000 jobs in the UK, contributes GBP454 million (USD703 million) to the Exchequer and generates GBP1.4 billion (USD2.2 billion) of GDP, according to a new independent report.

The Staffordshire-based construction equipment maker commissioned economic research consultancy Oxford Economics to assess its economic contribution to the UK, West Midlands and Staffordshire.

Using JCB's 2011 financial results, the analysis concluded that JCB's direct contribution to GDP was GBP414 million (USD643 million), while the company's supply chain, its R&D activities and total spending by employees in the wider economy generated another GBP996 million (USD1.547 billion).

According to the report, JCB's direct contribution to the Exchequer was GBP145 million (USD225 million) in business taxes paid by the company and in income taxes paid by JCB employees. A further GBP400 million (USD621 million) is generated through the supply chain, bringing the total tax revenues to GBP545 million (USD847 million).

JCB Chairman Sir Anthony Bamford says: "JCB may be a global company, but first and foremost we're British and we invest heavily in Britain. I'm pleased to see the economy getting a good return on that investment with 24,000 jobs, GBP1.4 billion (USD2.2 billion) of GDP and tax revenues of GBP545 million (USD847 million)."

For every full-time JCB employee in the UK (6,000 in total), another three employees (18,000 in total) are engaged elsewhere in its UK supply chain to support JCB's activities. This means that the company supports 24,000 jobs in the UK.

JCB's total economic contribution equates to 0.9% of the UK manufacturing sector GDP.

"If companies invest in their operations, it will add value to their businesses, create jobs and drive the economic recovery. This is in everyone's interest, but it's all about confidence. Rebuilding the confidence to invest for the future must be a priority for government and industry," Bamford says.