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Our UK Powerhouse campaign tracks regional economic growth across the country and offers expert policy recommendations for the future. Download our latest quarterly report to read access our most up-to-date insights.
We launched UK Powerhouse with Cebr in October 2015 to follow the launch of George Osborne’s Northern Powerhouse initiative. Northern Powerhouse was designed to foster regional growth outside the capital but we felt that the scope could have been broader. As such, our Powerhouse reports cover the whole of the UK – not just the North.
As the government’s economic policies have evolved, so too has our Powerhouse campaign. We have increased the number of locations examined and introduced a focus on strategically important industry sectors.
When you download our quarterly report, you will have access to:
Please contact us today if you would like to know more about how our business legal team can help you take advantage of the information provided in this report.
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The UK economy expanded by 0.1% in the first quarter of 2018, which is the weakest quarterly growth that the UK economy has seen since Q2 2012.
Year-on-year, that’s equal to just 1.2% growth for the UK’s Gross Domestic Product (GDP).
One reason for this slow economic growth is a decline in consumer spending growth. Consumer spending was growing at 0.3% in Q4 2017 but this fell to 0.2% Q1 2018.
There were even contractions in certain areas. By far the worst-performing sector in the UK was construction, which saw output contract by 2.7%.
Cambridge is one of many cities to have prevailed against the disappointing national trends to grow above the UK average. Its Gross Value Added (GVA) – a measure of the value of goods and services produced in the area - grew 2.6% in Q1 2018.
It was the fastest-growing city in the UK for the quarter and looks set to hold on to the top spot until the end of the year.
Plans to improve infrastructure in the Cambridge-Milton Keynes-Oxford corridor may help sustain this growth. An expressway of new roads between Oxford and Cambridge and a high-speed fibre network between Cambridge and Ipswich are both in the works too.
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