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MANCHESTER MOVES INTO TOP THREE OF FASTEST GROWING UK CITIES

2017-04-26

 

 

Published by The Business Desk on 19 April 2017, by Nick Jackson 

 

 

Manchester's economy performed strongly in the last three months of 2016, putting it into the top three of the fastest growing UK cities. The city enjoyed 2.8% annual growth in output compared it to the same point in 2015, says the UK Powerhouse report by Irwin Mitchell and the Centre for Business & Economic research (Cebr).

 

It provides an estimate of GVA and job creation within 38 of the UK's largest cities 12 months ahead of the Government's official figures. The latest report found that the economy within the city of Manchester grew to £16.8bn in the 12 months to Q4 2016.

 

Employment Levels

 


It adds that in Manchester, employment levels have increased by 1.7% taking it to second in the league table for fastest growth just behind Milton Keynes and ahead of London and other cities such as Birmingham and Liverpool.

 

Vicky Brackett, chief executive of Irwin Mitchell's business legal services division, said: "The Government's regional investments in initiatives such as the Northern Powerhouse will certainly boost these regions, but these investments as they stand are not likely to narrow the gap between the North and South.

 

"The North is receiving investment, but so too are London and the South East, especially from abroad. The new industrial strategy does not rebalance this fact.


"Both institutions and skills need to be focuses for this industrial strategy. Creating research institutions such as the one in Manchester is a good start, but there is some way to go."

 

Jack Coy, an economist at Cebr, said: "Looking at our 10 year forecasts of GVA, the best performing cities are set to still be those within current high growth regions of London, South East and East. The current rounds of investment are likely to have a positive effect in the North and in the Midlands, but are not sufficiently higher than comparable investment in other regions.

 

"We expect impacts of the new industrial policies to be broadly equal upon most regions, rather than redistributive.

 

"A possible exception is Manchester, which is likely to benefit from network and clustering boosts, skills and institutions, high shares of government investment, and new powers for the incoming metro mayor."

 

Performance of Northern Powerhouse cities by GVA growth over the next 10 years

 

 

 

 

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