The Channel Tunnel is responsible for more than £91 billion of trade a year, according to a new report.

About 30% of UK exports to the EU, worth £43.6 billion, depend on the rail link between Folkestone and Coquelles in France, according to findings by accountancy firm Ernst & Young.

Around 22% of imports to the country also rely on the route, worth £47.8 billion.

The report said the tunnel, which opened in 1994, has “fundamentally changed the way the UK does business” with industrial sectors and the automotive industry depending on its speed and reliability.

It estimated 220,000 UK jobs are supported through exports using the route, adding it transports 21 million passengers a year.

It said inbound tourism using the rail link adds £1.7 billion to the economy and supports another 45,000 jobs, while enabling 840,000 business trips.

“The £91.4 billion of trade that passes through the tunnel each year is vital to the UK and is likely to grow in importance as the economy continues to expand...” - Peter Arnold, Ernst & Young

It also showed a large area of the UK depends on the tunnel, with the West Midlands contributing the largest share of exports at 20%, followed by the East of England at 18%.

The report found France is the most significant single destination of UK exports, accounting for 18%.

Peter Arnold, director for economic advisory at Ernst & Young, said: “As we can see throughout this report, the Channel Tunnel connects the UK with continental Europe, by providing a service which cuts transport time and cost for businesses.

“The ability of the Channel Tunnel to link directly into the road and rail networks of the UK and continental Europe means it reduces physical barriers to trade.

“For a number of export and import sectors this is critical to their business models.

“The £91.4 billion of trade that passes through the tunnel each year is vital to the UK and is likely to grow in importance as the economy continues to expand.”

The report was launched at a reception for Parliamentarians and policymakers in the House of Commons today.

It comes after the tunnel broke its truck-traffic record for the 12th straight month in October, carrying 136,562 vehicles, up 17% on the previous October.

It has carried 1.36 million trucks so far this year.

Jacques Gounon, chairman and chief executive of Eurotunnel, said: “The UK’s trading relationship with European countries continues to develop, regardless of Brexit.

“This means that the Channel Tunnel remains vital to the UK, to connect it with Europe and beyond and it will continue to form a key part of the UK’s transport infrastructure.

“One of the most striking aspects of this report by Ernst and Young is the geographical range of companies who rely on the tunnel to do business.

“The tunnel not only serves companies in London and the South East but right the way through the Midlands, the North of England and beyond.”