PORTSMOUTH and Southampton are set to have two of the fastest-growing economies in the UK in the next 12 months, a new report suggests.
The UK Powerhouse study is produced by lawyers Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA growth and job creation within 45 of the UK’s largest cities 12 months ahead of the government’s official figures.
GVA – or gross value added – measures the values of goods and service produced in an area or sector of the economy.
Portsmouth is set to be ninth in the UK, with a year-on-year growth rate of 1.62 per cent, while Southampton is sixth with a predicted rate of 1.72 per cent. Cambridge is top.
Hannah Clipston, a partner at Irwin Mitchell’s Southampton office, said: ‘The latest UK Powerhouse report reveals steady economic growth within cities on the south coast during 2017.
‘What is particularly pleasing, however, is that despite the strong headwinds and uncertainty, Southampton, Portsmouth ad Bournemouth are predicted to be in the top 10 for the fastest economic growth in 2018.’