Libby McCaughey
8 months ago by Libby McCaughey

Nottingham forecast to have one of the UK’s fastest growing economies

Nottingham 1

A recent article published by West Bridgeford Wire said that the East midlands as a whole had the UK’s fastest-growing regional economy in 2019, and Nottingham is expected to, over the next three years, have one of the fastest-growing city economies in the UK.

According to EY in the latest Regional Economics Forecast, Nottingham’s economy will expand by 2.1% per year between 2020 and 2023. Manchester (2.2%), Bristol (2%) and Cambridge (2%) are all also outperforming overall growth for English regions of 1.8% and for the East Midlands of 1.6%.

Nottingham employment is also expected to grow at an average rate of 0.9% per year up to 2023, which again outperforms the East Midlands average growth of 0.6% and the UK overall rate of 0.7%.

Even with fears surrounding Brexit the latest IHS Markit Report found, business activity rose for the first time in five months in January. Staff recruitment also continued to grow after recovering from its lowest point seen last September.

They saw a rise in permeant placements for the first time in a year, as well as sharp fall in staff availability. This indicates a higher demand for staff, but the overall availability continues to drop.

Where lower temp labour supply was reported, this was linked to a combination of upcoming IR35 legislation changes, market uncertainty and tight labour market conditions.

With the National Living Wage due to rise by 6.2% to £8.72 and the National Minimum Wage due to rise 6.5% to £8.20 data showed a sharp rise in permanent starter’s’ salaries as well as temporary pay rates.

“Nottingham is undergoing a massive regeneration at the moment with £2 billion of developments on the city’s Southside well underway and more in the pipeline.

“This new report reflects the positive impact this will have on the local economy and jobs over the next few years.

“The next decade is a big opportunity for Nottingham. With our target to be the UK’s first carbon-neutral city by 2028, we’re ambitious for Nottingham to continue to grow and develop in a sustainable way that benefits local people, building an even better place to live, work and enjoy.” Said councillor David Mellen, the Leader of Nottingham City Council.