A new study suggests that London City Airport (LCY) is contributing €586 million to the British economy each year thanks to the connectivity it provides to Canary Wharf, London's East End and the financial district.

The study by consultants York Aviation and conducted on behalf of the LCY, reports that an estimated €231 million was spent in the area by business tourists and €134.8 million by leisure tourists thanks to the airports presence, while a further €117 million was generated by on-site and related businesses.

In terms of economic develoment, the report further states that London City Airport has "supported the location and expansion of the globally significant financial and business services cluster at Canary Wharf and the world-class exhibiton and convention centre at ExCel.

The study comes after Prime Minister David Cameron made a speech in East London on November 4 in which he stated the quick access the airport offered had helped boost growth in the region.

Commenting on the report, Richard Gooding, CEO of London City Airport said: "This study confirms just how important London Coity Airport is to national, regional and local economis. Our growth has gone hand in hand with the success of Canary Wharf, the City of London and entreprises like ExCel showing that we are key to business productivity and the revenue that is generated by passengers using the airport."

"These findings also support the comments from the Prime Minister who just last week emphasised London City Airport's major role in the ongoing regeneration of East London," he added.

But critics have claimed figures can not be verifed until the economic impact assessment is made available to the public in early 2011.

By Oliver Clark