The area remained one of the leading city economies in the UK in the third quarter of 2017, according to the UK Powerhouse study produced by the Centre for Economics and Business Research and law firm Irwin Mitchell.
- Graph: The top and bottom 5 cities by annual GVA growth in Q13 2017. Source: Office for National Statistics, Cebr analysis
Milton Keynes was the fourth fastest growth economy in the UK, at 1.9%, between July and September last year, says the report which provides an estimate of Gross Value Added growth in productivity and job creation within 45 of the UK’s largest cities 12 months ahead of the government’s official figures.
It is ranked sixth in the employment growth table, with a figure of 0.9% for the quarter, the report adds.
The CEBR also predicts strong growth for the city in 2018, the estimated growth rate of 1.98% being the third highest projected.
Victoria Brackett, chief executive of business legal services at Irwin Mitchell, said: “Milton Keynes is among a number of cities in the eastern regions of England which have developed strong reputations as leaders for innovation. The city is particularly a front-runner in the UK for technology and is home to several start-ups in the sector.
“The results of this latest report are a huge testament to the great work being done in the region and it is welcome to see that prospects for the next 12 months are also looking positive.”
The figure equated to a 5% share of the city’s total GVA.
The education sector makes a major contribution to economic growth within many areas surrounding universities and the report offers recommendations on how it can continue to do so. These include:
- Engaging in the work of Local Enterprise Partnerships, particularly in support for innovation;
- Ensuring cities with a strong outflow of graduate age young workers have policies for retaining talent, with the government also providing incentives for graduate recruiters to hire more in those areas;
- Encouraging cities to improving infrastructure to optimise the movement of workers;
- Introducing large-scale affordable housing projects to appeal to graduates.