The so-called Cambridge-Milton Keynes-Oxford corridor continues to be one of the best performing regions in the UK in terms of economic growth, according to a new report which also hints that the area is facing an equally bright future.
The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA* growth and job creation within 46 of the UK’s largest cities at least 12 months ahead of the Government’s official figures.
Published this month, the latest report revealed that Cambridge’s GVA growth rate of 2.6% was the highest seen in the UK across Q1 2018, while Milton Keynes and Oxford followed closely behind with rates of 2.4% and 2.3% respectively. In terms of employment growth, Oxford was also ranked third with a rate of 1.9%.
Top and bottom five cities by annual GVA growth, Q1 2018
(Image removed)
Source: Office for National Statistics, Cebr analysis
The trio of cities are expected to continue to dominate the UK Powerhouse rankings in both the short and long term, with Cambridge expected to retain its top spot in terms of GVA growth by the end of the year, Oxford taking second and Milton Keynes in third place.
A look ahead to Q4 2028 has also forecast that Milton Keynes will top the GVA growth standings in the next decade, with Cambridge ranked second and Oxford being placed fourth.
Examining the findings, Victoria Brackett, CEO of Irwin Mitchell’s Business Legal Services division, said: “These results are hugely positive for the so-called ‘corridor’, but the predictions of high growth should not be taken for granted.
“It will be hugely important for policy makers in the Cambridge–Milton Keynes–Oxford corridor to keep pace with change by supporting growing industries and providing the right infrastructure to support these fast evolving cities.
“Plans to develop an Expressway of high-quality east-west roads between Oxford and Cambridge will help boost connectivity, but developing efficiency of inner-city transport is also important. Cambridge has seen vast housing developments spring up over the past decade, and public transport systems must be expanded to keep up with the city’s growing population.”
The full report can be downloaded from here.
(Image removed)
Irwin Mitchell is unlike any other law firm. It is unique, both in its culture and its approach to business.