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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 and Brexit Disruption

UK economy growth

The UK economy grew by 0.4% in the third quarter of 2019, equating to year-on-year growth of 1.1%

Growth cities

Only Portsmouth, Sunderland, and Swansea are forecast to see an acceleration in growth

GVA Forecast

Between Q3 2019 and Q4 2020, GVA growth is expected to slow for nearly all cities

Consumer spending

Consumers are still important to UK economic growth, with household expenditure going up 0.3% quarter-on-quarter

Cities for jobs

Stoke, Cambridge, and Inner London are expected to see the fastest employment growth rates in the year to Q4 2020

Labour market

Q3 2019 saw 3.8% unemployment and 1.9% real wage growth

Export revival

Export volume grew 7.9% in Q3 2019, bringing the UK trade deficit down to 0.1% of nominal GDP.

Business investment

Business investment was flat in Q3, continuing its recent subdued performance in the prevailing climate of caution and uncertainty.

Midlands engine

Birmingham is set to see the fastest annual GVA growth out of cities in the Midlands in Q4 2020.

Peterborough

Peterborough is expected to be the fastest-growing city in the East of England in Q4 2020. The low cost of office space in the city has contributed to service sector dominance in the local economy.

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