Moderate Gains Give The City Firm Foundations To Build On

A new report published today suggests that Bristol will witness a positive uptick in both economic output by the end of this year, transforming its position from the end of 2020.

The latest UK Powerhouse report prepared by Irwin Mitchell and the Centre for Economic and Business Research (Cebr) reveals that Bristol could only manage mid-table in the top 50 cities for economic output and was in the bottom five for employment growth in 2020.

By the end of Q4 2021, Bristol is expected to witnesses a modest change in fortunes, rising from 26^th to a top 20 spot for economic output, with a year-on-year GVA increase of 6.7%. This represents a £900m increase in the size of the city’s economy, taking the total value to £14.1bn

The majority of towns and cities in the report are expected to lose jobs between the end of 2020 and the end of 2021. Bristol is no different and is predicted to see its headcount reduce by 0.5% -   equivalent to 1,600 positions.

UK Powerhouse makes several recommendations to tackle the difficulties business face coming out of lockdown. These include the need to take advantage of policies to encourage investment and improve skills and local government having bespoke plans in place to support job creation.

The UK Government should also prioritise implementation of the TCA with as little disruption as possible to businesses and negotiate a smoother trading relationship with the EU post Brexit.