Most of the fastest growing economies by the end of 2023 will be in the South or East of England, with Southampton among them.
New research by law firm Irwin Mitchell has found the dominance of London and the South East for foreign direct investment levels contributes to the contrast in economic outcomes between the South and North of England.
The report states that unless more is done to help local economies in other parts of the UK, the Government’s levelling up agenda will fail to take effect.
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.”
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Economic growth in the North
Out of 50 locations studied, over half of the slowest growing economies are expected to be in the North of England, according to the report, produced by the Centre for Economics and Business Research (Cebr).
Warrington is expected to be the fastest growing city in the North by the end of next year, but it only comes in 20th place.
Top 10 fastest growing economies by the end of 2023
The top 10 fastest growing economies by the end of next year 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.
The report added that at the other end of the scale, the slower growing cities are all home to declining industries, such as Aberdeen, Wolverhampton, Belfast, Hull and Plymouth.
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 Keynes, 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.”
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