Portsmouth named one of the fastest growing cities in the UK

Credit: Shaun Roster Photography
Credit: Shaun Roster Photography
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Portsmouth has been named one of the 10 fastest growing cities in the UK.

The city’s economy is expected to grow by a rate of 0.9 per cent in 2017, compared to 2.1 per cent in the third quarter of last year.

The figures, which take into account GVA (Gross Value Added) - the total of goods and services produced in a city - are included in the UK Powerhouse report.

It has been produced for law firm Irwin Mitchell by the Centre for Economic and Business Research (Cebr).

The report names Cambridge, Oxford and Milton Keynes as the three cities expected to grow their economies fastest in 2017, although expansion rates nationally are likely to be significantly lower than in the three months following the EU referendum last June.

Southampton and Brighton have also been named in the top 10 growing cities, while Belfast and Middlesbrough are expected to have the slowest expansion.

Jack Coy, an economist at Cebr, said: ‘The delayed effects of Brexit have been in the pipeline for a while and there will be some difficult economic pressures in 2017.

‘These are likely to be felt throughout cities across the UK, and threaten to slow growth in the short and medium term.

‘For example, rising inflation under a sharply depreciated pound challenges profits for producers nationwide.’