A high-speed rail line linking Sheffield and Leeds to London could provide over £30bn of benefits according to a new report by consultants Arup and Volterra.

According to research commissioned by the passenger transport executives of West and South Yorkshire, faster links could bring £29bn in transport benefits. There would also be £1.5bn to £3.1bn in extra productivity gains and added that a new high-speed rail link could "enhance the economic competitiveness of the north of England".

The study shows that a high-speed network with links from Yorkshire to London, Heathrow airport and mainland Europe via the Channel Tunnel could boost the standing of both Sheffield and Leeds.

Improvements between the regions may also see benefits, the report said.

"Poor quality transport" between Manchster and Leeds - the two largest economies in the north - and between Leeds / Sheffield and the main cities of the East Midlands has prevented extra gain so far.

Councillor Andrew Carter, joint leader of Leeds City Council, said: "It would be hugely beneficial to the city and the city region. Not only would it free up capacity on the existing East Coast Main Line, it would help us to significantly develop the economy in our part of the country."

The study said a high-speed line to the Leeds and Sheffield city regions should be considered as part of a 20 to 30-year strategy for the rail network as a whole serving the two city regions.

"Construction of a new route is unlikely to be completed for at least 20 years," it forecast.

David Young, director of customer experience at South Yorkshire Passenger Transport Executive, said: "We're calling on the government to make sure it delivers this investment to the north of England. Through improved connectivity between London and the North, we can really support the UK's economy and GDP."