A new report has outlined the economic potential of six English cities outside London.
The group of ‘Fast Growth Cities’ comprises Oxford, Cambridge, Norwich, Swindon, Peterborough and Milton Keynes. These rapidly expanding urban areas claim that government support for infrastructure, housing and water supply projects could unlock around £21 billion, if impediments to local growth are removed. This news may be of interest to those who are interested in investment planning in Oswestry and other areas of the country.
The Fast Growth Cities group says these cities are amongst the fastest growing and most productive drivers of the UK economy, and could potentially generate a further £78 billion by 2050. Data reveals how the ancient varsity towns, for instance, have outpaced the rest of the UK economy in recent years.
In the 11 years from 2011 to 2022, Oxford University produced 225 spin-out companies, whilst 57% of the city’s population had degree-level qualifications. Cambridge too can boast achievements including over 6,000 patent applications whilst globally, only Silicon Valley offers greater innovation intensity.
Over the last decade, these six cities have averaged growth of 2%, compared with 1.7% for the country as a whole. They also account for £34 billion in exports, around 4% of the national total, and constitute around 10% of national venture capital investment, despite representing under 2% of the overall UK population.
To harness this potential, the Fast Growth Cities group believes that more investment is needed in public transport connections, affordable housing and local water and waste infrastructure. Water, in particular, is a major opportunity for development, in parts of the country where scarcity and limited infrastructure are ongoing issues.
