Law firm Irwin Mitchell’s latest UK Powerhouse report, which has been produced with the Centre for Economic and Business Research (CEBR), 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.
In the most recent version of the report published earlier this month, Cambridge has appeared in the top three of fast growing cities recording an impressive 2.5% respective year-on-year rise in output in Q4. According to the report, the city’s rate of employment growth in the final quarter fell to 1.4pc from 1.8pc in year to Q3.
The report predicts that the economy of Cambridge will grow by 30.9pc over the next 10 years – faster than any other in the study – and that the number of people employed will go up by 17.4pc over the same period.
Irwin Mitchell produced its first UK Powerhouse report in October 2015. The report predicted a growing economic gap between the South East and the north of England and made nine policy recommendations along with a call for the government to radically rethink how it looks to rebalance the UK’s economy.
*Gross value added (GVA) - the measure of the value of goods and services produced in an area
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