Faster broadband speeds will boost the rural economy by £4.6bn a year, reveals a government-commissioned report.

For every £1 the government is investing in broadband, the UK economy will benefit by £20, says the study.

The UK broadband impact report, undertaken by analysts SQW with Cambridge Econometrics, was commissioned by the Department for Culture, Media and Sport.

It is said to be the most in-depth and rigorous examination of the impact of broadband in the UK.

The document examines at the economic, environmental and social benefits of superfast broadband, including in rural areas.

It says the net annual gross value added due to faster broadband speeds will rise to about £17bn in the UK by 2024, of which £4.6bn will accrue to rural areas.

Defra minister Dan Rogerson said there was "huge value" to be had from rural broadband, particularly to the small and medium-sized enterprises that are so important to the rural economy.

"The roll- out of broadband to all rural communities across the country is a top priority for us," Mr Rogerson told the House of Commons on Thursday (21 November).

The government's current £530 million rural broadband programme would ensure that 90% of the country had access to superfast speeds, he added.

Campaigners have criticised the government for acting too slowly in ensuring the rollout of superfast broadband – especially to more remote areas.

But Mr Rogerson said the government had also recently announced an extra £250 million investment to extend superfast coverage to 95% of premises by 2017.

"We are exploring how to expand coverage further, using more innovative fixed wireless and mobile broadband solutions to reach at least 99% of premises in the UK by 2018."

The full report can be downloaded here.