Source: Buy Assocaition
The release of new figures on the economic growth of major UK cities has shown that Manchester is now one of the top three of fastest growing city economies in the UK, and is predicted to create up to 27,500 new jobs by 2026.
In Irwin Mitchell’s latest UK Powerhouse report, Manchester recorded a faster output increase during the second quarter of 2016 than London, climbing to third place in the rankings with a 2.5 per cent year-on-year increase in output.
The report has attributed much of Manchester’s success to growth in sectors such as business services and valued the city’s economy at £16bn, up from £15.8bn in Q1. Further, the UK Powerhouse report has predicted that the city’s economy will grow by 15.5 per cent by 2026 and create as many as 27.5k new jobs.
Chief executive of Irwin Mitchell’s business legal services team, Niall Baker, commented, “There has been a significant amount of political uncertainty over the last couple of months so it is pleasing to see that there has been a recovery of growth rates in the North West region. What is perhaps more significant however is the lack of progress is tackling the divide between London and the North. The Northern Powerhouse initiative has now had the backing of Theresa May and it is vital that the Government refocuses its efforts in this area and ensures economic prosperity is shared fairly.
The forecast future growth of the city’s economy is great news for investors in Manchester, though the report does suggest that London (16.3 per cent), Milton Keynes and Cambridge (both 22 per cent) will grow at faster rates in the next decade.
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