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UK Powerhouse

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

Key Findings Q2 2017

Milton Keynes

Milton Keynes had the UK's fastest-growing city economy and was one of only 7 cities to achieve annual GVA growth of at least 2.0% in 2017 Q2. It also topped the league table for employment growth.

Technology sector

The technology job market is estimated to grow by at least 24% over the next decade. Regional hub cities as distant as Southampton, Oxford, Newcastle and Manchester all feature highly in the technology jobs and GVA tables.

Retail Sector

Growth in retail sales has dropped markedly ever since inflation started to rise more quickly towards the end of 2016. Household consumption expenditure growth in Q2 2017 slowed to its weakest rate since 2014.

London

London has by far the largest technology sector. Between Q4 2012 and Q4 2015, London’s technology GVA increased 22% to £10,619m. London also has the most technology jobs and experienced high employment growth between 2013 and 2016.

Birmingham

Birmingham, a centre of British automotive manufacturing, saw annual GVA growth slow from 2.1% in the first quarter to 1.6% as car sales have dropped markedly.

Expenditure & Investment

In Q2 2017, general government expenditure grew by 0.6% and business investment rose by 0.5% to £45.7 billion.

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