South West & South Wales Economies Set to Outstrip all Other Parts of UK Outside London Over Next 5 years!
Two new reports estimate that South Wales and Western England economies are likely to grow by 1.4% between 2024 and 2029 – attributed to the areas’ skilled workforce, world-leading industry and high-tech businesses with strong sectors in cyber, green energy, aerospace, creative and fintech.
For the full picture please read the bulletin below issued today by Insider News Media.
Roger Mundy, Managing Director, Beardsley Theobalds, 18th July 2024
South West and South Wales economy likely to grow fastest - report
The economy of South Wales and Western England is likely to grow faster than any other part of the UK outside of London over the next five years, two new reports show.
The reports have been commissioned by the Western Gateway and carried out by Hardisty Jones Associates & Oxford Economics and EY to provide an up-to-date account of the area’s economic strengths.
It forms part of work to create a "Plan for Sustainable growth" for both regions.
The reports estimate that South Wales and Western England are likely to grow by 1.4 per cent per year between 2024 and 2029, outstripping the growth of other parts of the UK. This has been attributed to the area’s skilled workforce, world leading industry and high-tech business with strong sectors in cyber, green energy, aerospace, creative and fintech.
The area was also noted as being a high exporter, outperforming other parts of the UK, and producing more than 6 per cent of the UK’s total energy capacity.
However, the reports also show the area has been "massively underinvested in". When compared to other parts of the UK, it estimates that companies in the area are missing out on between £3-9m in private sector investment per businesses every year on average.
The Western Gateway is the Pan-regional Partnership for South Wales and Western England. It brings together local leaders, businesses and academics to help drive economic growth and support efforts to reach Net Zero.
Sarah Williams-Gardener, chair of the Western Gateway, said: “Here at the Western Gateway we are home to collaborative communities with a strong story to tell when it comes to our potential to deliver for the UK. As this report highlights, despite significant underinvestment it is estimated that South Wales and Western England are likely to grow by 1.4 per cent per year between 2024 and 2029, making us the area most likely to grow outside of London over the coming months." Cllr Mark Hawthorne, vice chair of the Western Gateway and leader of Gloucestershire County Council, said: “These reports help to show the scale of the opportunity we have within our communities to drive many of the UK’s future industries but also highlight the challenges we need to work together on, in order to overcome them.
"The launch is just the latest continuation of our work with local businesses to understand how we can work together as an area across politics to find solutions for challenges we all face. We want to decarbonise at pace, create new opportunities for our communities and improve access for those at risk of being left behind."
