Swindon Remains On Track For Economic Recovery in 2021
A new economic report published today says that Swindon is expected to help lead the nation’s post-Covid-19 recovery in 2021 with some of the fastest economic growth in the UK.
The latest UK Powerhouse report from Irwin Mitchell and the Centre for Economic and Business Research (Cebr) predicts that Swindon’s economy will grow by 7.4% in the 12 months to Q4 2021.
It also says that Swindon’s level of employment growth will be the fourth fastest in the 12 months to Q4 2021 with the addition of 2,400 new jobs.
According to the report, Swindon’s strong performance is not replicated across the UK with only36% of cities in the report expected to increase employment levels in Q4 2021.
UK Powerhouse make
s a number of recommendations to tackle the difficulties business will 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 heading out of the Covid-19 crisis, when the furlough scheme ends.
Expert Opinion“Similar to all other towns and cities in the report, Swindon suffered a contraction in the size of its economy during 2020. It has recovered very strongly however and by the end of 2021, it is expected to be in the top 10 for GVA growth and job creation.
“Swindon cannot afford to be complacent though. With the impact of the end of the furlough scheme expected to have a negative impact on employment, it is clear that local plans for job creation need to be in place before October.
“It is also clear that a resolution to some of the outstanding issues surrounding Brexit can only have a positive impact on the future outlook. Supporting those SMEs in the region who export to the EU will not only enhance the economic output, but can also make a positive contribution to the local jobs market.” Victoria Brackett - Group Chief Commercial Officer