Swindon is predicted to be among the fastest growing economies by the end of 2023, according to new research. The study carried out by the Centre for Economics and Business Research (Cebr) revealed that it had placed in the top ten in the country.
Most of the top 10 fastest growing city economies by the end of next year will be in the South or East of England, with Milton Keynes, Peterborough and Reading taking top spots. Out of 50 locations studied, over half of the slowest growing economies are expected to be in the North of England.
Warrington was named as the fastest growing city in the North by the end of next year, but comes in at number 20 on the list. Best growth in employment are Cambridge, Oxford, Stoke-on-Trent, Inner London, Chelmsford, Leeds, Birmingham, Cardiff, Edinburgh and Manchester.
The report suggests that the slower growing cities are all home to declining industries, such as Aberdeen, Wolverhampton, Belfast, Hull and Plymouth. 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.”