Southampton named one of the fastest growing cities in the UK
SOUTHAMPTON is one of the 10 fastest growing cities in the UK with its economy on course to be £67m larger by the end of 2017 than it was in the three months after the EU referendum result.
However, although the city is one of the fastest growing economies in the UK that rate of growth will be just 0.9 per cent in 2017 compared to 2.3 per cent in the third quarter of 2016.
These figures, which measure GVA (Gross Value Added) - the total of goods and services produced - are included in the The UK Powerhouse report, produced for law firm Irwin Mitchell by the Centre for Economic and Business Research (Cebr).
Irwin Mitchell’s report forecasts that by the end of 2017, the value of Southampton’s economy will be £5.8 billion. According to the report, Cambridge, Oxford and Milton Keynes will be the three fastest growing economies in 2017, although their expansion rates will also be significantly lower than they were in the three months immediately after the EU referendum vote.
The economies of Swansea, Belfast and Middlesbrough are expected to expand at the slowest rate.
Commenting on the latest UK Powerhouse report, Vicky Brackett, CEO of Business Legal Services at Irwin Mitchell, said: “I’m pleased to say that many cities experienced robust growth in the three months following the referendum result but we expect the continually unfolding political events to have widespread effects upon the UK and its cities over the next 12 months.
“Challenges bring opportunities and although the economic landscape will get tougher, we believe there is huge potential to help businesses unlock the potential that the UK regions offer.
"If businesses and governments work collaboratively and we focus on the right areas, I think a huge amount can be achieved to raise productivity levels across the UK.”
Jack Coy, an economist at Cebr, said: “The delayed effects of Brexit have been in the pipeline for a while and there will be some difficult economic pressures in 2017.
Source: Southern Daily Echohttp://www.dailyecho.co.uk/business/15026813.Southampton_named_one_of_the_fastest_growing_cities_in_the_UK/