William Eichler 08 November 2016

UK’s cities ‘outperforming’ pre-financial crisis peak

The majority of the UK’s cities are now outperforming their pre-financial crisis peak - but some are experiencing pressures on housing affordability, transportation and work-life balance.

The latest 2016 Good Growth for Cities index, produced by PwC and the think-tank, Demos, found two-thirds of the country’s cities have improved their rankings on the index, surpassing the pre-financial crisis peak of 2006-08.

The index - which also measured combined authorities, devolved administrations and LEPs - measured more than gross value-added (GVA). It factored in jobs, health, income and skills, work-life balance, house-affordability, travel-to-work times, income equality and pollution, as well as business start-ups.

The highest ranking cities were Oxford, Reading, Edinburgh, Southampton and Bristol. And the lowest ranking were Doncaster, Wakefield & Castleford, Swansea, Sunderland, and Middlesbrough & Stockton.

Virtually all cities have seen an improvement in score since last year’s report and the cities that have shown the most substantial improvement since 2012-14 come from across the index.

For example, Doncaster and Wakefield & Castleford are in the bottom five of the overall index, but they are two of the five cities with the biggest improvement in score.

PwC concluded the cities that have seen the biggest improvement in overall score are typically those which have experienced particularly large falls in unemployment or increases in business start-ups.

However, the index revealed that success is bringing a new set of problems to some cities. Some areas that have previously scored highly in terms of jobs, incomes and business start-ups are beginning to share London’s experience, including pressures on housing affordability, transportation and work-life balance.

The data used to compile the Good Growth index predated the EU referendum outcome. However, PwC chief economist, John Hawksworth said some inferences could be drawn on the potential impact of Brexit.

‘All the elements of our Good Growth index could be impacted by Brexit to some degree, although housing, jobs and income may see the largest effects,’ he said.

‘Starting up new businesses, for example, could suffer as a result of increased economic uncertainty.

‘On the other hand, changing trade relations and regulations after Brexit, the shock to the status quo, and the potential opening up of new markets outside the EU could create opportunities for new entrants.

‘Similarly, investment in transport infrastructure could be hit by reductions in Foreign Direct Investment (FDI), but the Chancellor may seek to offset this through greater public investment in transport in the Autumn Statement.

‘Collectively, all these factors serve to emphasise the uncertainty surrounding the effect of Brexit. For policymakers across UK cities and regions it is therefore important to understand these risks and the local impact they may have. And, even more than usual, it is important that businesses are agile, and have contingency plans in place for both mitigating the risks and seizing the opportunities that Brexit may create.’

SIGN UP
For your free daily news bulletin
Highways jobs

Solicitor/ Barrister / Chartered Legal Executive Commercial & Contracts (x2)

Warwickshire County Council
£50,856 to £57,083 per annum
Warwickshire Legal Services (WLS) are looking for two qualified lawyers to join their award-winning, motivated, and nationally recognised legal team. Warwick
Recuriter: Warwickshire County Council

Head of Finance and Deputy s151 Officer

Conwy County Borough Council
£77,153 - £88,545
We are looking for an experienced and strategic financial leader who can operate confidently in a complex, political and fast-changing environment. Colwyn Bay, Conwy
Recuriter: Conwy County Borough Council

ICT Engineer Digital Squad

Durham County Council
£35,412 to £39,152 p.a. (Pay Award Pending)
An exciting opportunity has arisen within the Microsoft 365 Team for an ICT Engineer (Microsoft 365). This role will support Durham County Council's B Durham
Recuriter: Durham County Council

Storekeeper Driver

Durham County Council
£26,403 - £28,598
An opportunity has come up in Highways Services for a Storekeeper/Driver.  They will assist the Stores Supervisor in delivering a customer focussed St Durham
Recuriter: Durham County Council

Care Support

Durham County Council
Grade 4 £25,583 - £26,824 (pay award pending)
We're recruiting to a permanent role within our Pathways Service, which delivers day services to adults with complex needs, Monday to Friday. There i Durham
Recuriter: Durham County Council
Linkedin Banner