UK Powerhouse

Our quarterly economic growth report charting the regional effects of economic policy for businesses across the UK

Key Findings Q2 and Brexit Disruption

UK GDP

GDP decreased on a quarterly basis for the first time in seven years. This is due to businesses running down their accumulated stocks leading up to Brexit’s March deadline.

Growth cities

Reading, Cambridge and Milton Keynes are the top three cities for economic growth.

Midlands engine

Outside the east and south east of England, Birmingham is the fastest growing UK Powerhouse city out of the 46 cities tracked in the report.

Best for jobs

Cambridge is the fastest growing city for employment growth with a 2.2% expansion.

Manufacturing

This sector is the most likely to be affected by Brexit, restrictions on freedom of trade will negatively affect the UK’s attractiveness as a place to do business.

Construction

With an increasing skills shortage in the industry, Brexit may cause many non-UK citizens from the EU to stop working in this sector.

Consumer

Brexit’s impact on business investment and consumer spending will affect the consumer sector where 10.3% of shops stood empty in July 2019.

Accommodation and food services

These sectors can benefit from an increase in tourism after Brexit, with the lower exchange rate making the UK a cheaper place to travel.

Finance and insurance

These industries should withstand the effect of Brexit because of the high number on exports (57%) and imports (66%) to and from non-EU countries.

Public administration and defence

This sector will see little impact from Brexit because they are less reliant on workers from the EU.

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