MK is leading UK’s economic revival, say analystsNov 06, 2012
Experian’s figures show Milton Keynes heading a top ten of ‘prosperous’ towns and cities, in terms of growth in jobs, and in the manufacturing, financial and business services, and retail sectors.
Previous research has placed Milton Keynes as “one to watch” in leading economic recovery, but this is the first time the borough has topped a national list.
Experian predicts that employment will rise by 1.9% each year from 2013-2017, with an annual increase in output/production of 3.1% measured by Gross Value Added, a standard economic measure similar to Gross Domestic Product.
The research also includes manufacturing, business services and retail growth, all of which are expected to do well in Milton Keynes.
Bruno Rost, from Experian, said: “Our research identifies areas of the UK that will recover more quickly and strongly from the recession. We have looked at a range of factors such as employment growth, business resilience, retail strength and manufacturing output.
“It is clear that Milton Keynes comes out very strongly, not just by leading the UK out of recession but also by delivering robust sustainable growth over the next five years.”
Cllr David Hopkins (pictured), cabinet member for economy and growth, said: “Once again we have it confirmed that Milton Keynes is leading the way in job creation, innovation and a sheer ‘can do’ attitude.
“It is no surprise, as we are in an excellent location with fantastic travel links to all parts of the country, we are home to world-beating companies and revered institutions such as the Open University and Red Bull Racing, and we have a skilled workforce and a growing population.
“It all adds up to Milton Keynes being a unique and ambitious city and it is right that we are being recognised as such.”
The news comes hot on the heels of council leader Cllr Andrew Geary describing Milton Keynes as an “economic powerhouse”, following confirmation that Milton Keynes has been invited to bid in the second phase of the government’s City Deals initiative.
City Deals puts central and local government together to agree plans to create jobs, support local businesses, control budgets and improve local infrastructure.
Milton Keynes Council chief executive David Hill said: “Milton Keynes is widely acknowledged to be the most successful of the new towns and is on a trajectory to becoming one of the world-class cities of the late 21st century.“