Stoke-on-Trent has been tipped to have the third highest jobs growth in the UK by the end of next year. A report from law firm Irwin Mitchell predicts that Stoke-on-Trent will have a year-on-year growth in employment of 2.2 per cent by the fourth quarter of 2023, with only Cambridge and Oxford expected to do better.
Stoke-on-Trent is expected to have faster jobs growth than inner London, Leeds, Birmingham and Manchester. But the report, produced by the Centre for Economics and Business Research (CEBR), says that Stoke-on-Trent’s economic growth will be more mediocre at 1.8 per cent – placing it 25th out of the 50 places studied. Birmingham, Solihull, Derby and Coventry are all projected to have better economic growth.
The research suggests that most of the fastest growing city economies will be in the South or East of England, partly due to those areas having higher levels of foreign direct investment. The report says this issue will need to be tackled if the government’s levelling up programme is to succeed in reducing regionla economic disparities.
The top 10 fastest growing economies by the end of 2023 are predicted to be Milton Keynes, Peterborough, Reading, Oxford, Brighton, Inner London, Birmingham, Edinburgh, Southampton and Swindon.
Best growth in employment are tipped to be Cambridge, Oxford, Stoke-on-Trent, Inner London, Chelmsford, Leeds, Birmingham, Cardiff, Edinburgh and Manchester.
Bryan Bletso of Irwin Mitchell said: “The whole of the UK has a lot to offer and the regions which benefit most from investment from abroad are likely to see more growth and job creation in the coming years.”
Josie Dent, of the Cebr and one of the report’s authors, said: “The economy is still expected to face some turbulence between now and the end of next year, notably through volatility in commodity prices, supply chain pressures, and the emerging cost-of-living crisis domestically.
“This report highlights that much of the fastest growth during next year will be concentrated in the South. Locations such as Milton Keyes, Cambridge and Oxford have economies which are dominated by fast-growth sectors and they have also been hotspots for overseas investment.
“If economic levelling up is to be tackled effectively, these two issues must be recognised and quickly addressed.”