South East economies are best performers in UK states Government report

An official government report has concluded four of the five fastest growing UK regional economies are in the South East.

Produced by law firm Irwin Mitchell for the Centre for Economics and Business Research (CEBR) the report entitled 'UK Powerhouse' studied 50 regional UK economies. The South dominated the best economic performers, with seven of the best ten performing economies.

Milton Keynes is expected to be the fastest growing regional economy, while Oxford was identified as the second best location for growth in employment rates.

The report also highlights the difficulties faced by the Government in implementing its 'levelling up' agenda.

According to the CEBR report, the top 10 fastest growing city economies in the UK, by the end of 2023, will be, in descending order - Milton Keynes, Peterborough, Reading, Oxford, Brighton, Inner London, Birmingham, Edinburgh, Southampton and Swindon.

Authors Irwin Mitchell said the Southeast was soaring ahead of other UK regions due to its high levels of foreign direct investment.

Josie Dent, of the Cebr and one of the report’s authors, said: “The economy is still expected to face some turbulence between now and the end of next year, notably through volatility in commodity prices, supply chain pressures, and the emerging cost-of-living crisis domestically.

“This report highlights that much of the fastest growth during next year will be concentrated in the South. Locations such as Milton Keyes, Cambridge and Oxford have economies which are dominated by fast-growth sectors and they have also been hotspots for overseas investment.

“If economic levelling up is to be tackled effectively, these two issues must be recognised and quickly addressed.”
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