Reading is expected to be the second-fastest growing city this year, with Swindon and Bristol performing well – report

Reading is expected to be the second-fastest growing city in the UK this year, with 1.1 per cent annual GVA growth, driven by its improved connectivity to London as a result of the Elizabeth line opening, according to a major new report by law firm Irwin Mitchell.

And Swindon has also found itself in the Top Five in the UK City Tracker Report, published in partnership with the Centre for Economics and Business Research (Cebr), which says economic growth is forecasted in the second half of 2023, with most cities expected to see an annual expansion in GVA by Q4 2023.

Reading's strong links to the capital and cheaper office rents make it an attractive city for businesses, such as Microsoft, Oracle and Cisco Systems, who have all located there, say the report's authors, while the Thames Valley Science Park is also home to many companies, including start-ups.

Reading won’t be completely resilient to the economic woes of early 2023, with an annual contraction in output expected in Q2. However, says the report, the city is expected to rebound and see growth of 1.1 per cent by Q4 2023, ending the year in second place on the city tracker tables for GVA.

Swindon finds itself at fifth place with an estimated year-on-year GVA growth of 0.9 per cent by the end of 2023. And Bristol makes the Top Ten with a growth forecast of 0.7 per cent.

The report also forecasts year-on-year employment levels up 1.6 per cent in Bristol by the end of 2023 – putting it in the Top Ten for jobs growth.

Irwin Mitchell is a national law firm with offices in Bristol, Newbury, and Reading.