Swindon & Wiltshire News
Bristol’s economy growing quickly but Reading and Swindon set to outpace in 2023, according to Powerhouse report
Economic growth in Swindon is likely to outpace that of Bristol, according to the latest UK Powerhouse Study produced by law firm Irwin Mitchell and the Centre for Economics & Business Research.
The report says that in the final quarter of 2021, Bristol’s economy had grown by a whopping 6.8 per cent year-on-year, with Swindon’s growth languishing in the bottom five of 50 cities at 5.3 per cent. Reading finds itself just outside the top 10, with economic growth of 6.5 per cent.
But the rate of jobs growth for the same period paints an interesting picture, with Swindon in the top 20 at 2.5 per cent. Reading finds itself in the bottom 20 with jobs growth of 1.1 per cent and Bristol is static, with a growth of 0.0 per cent, placing the city in the bottom 10.
And looking forward to Quarter 4 of 2023, the report’s authors predict Reading and Swindon will be among the ten fastest-growing economies in the UK, at 2.4 per cent and 2.2 per cent, growing their economies to £8.7 billion and £9.1 billion respectively
while Bristol retains at top 20 place with growth of two per cent, with an economy worth £14.7 billion.
Predicted employment growth in Swindon is also healthy, with a top 20 ranking of 1.4 per cent to 121,700 employees. Bristol will grow its number of jobs by 1.2 per cent to 380,700 while Reading finds itself in the bottom five with employment growth of just 0.4 per cent, with a predicted workforce of 132,900, say the report’s authors.
The report says: “The UK’s regional and city economies saw a strong economic recovery with the lifting of Covid-19 restrictions in 2021 and the subsequent return of economic activity.
“Annual GVA growth rates in Q4 2021 were high across the board, and generally higher than in Q3 2021. This was partially driven by differing base effects.
“Economic activity in Q4 2020 was subject to downward pressure, reflecting the nationwide lockdown measures in place in November and the regional measures in place for much of December.
“This provided significant scope for annual growth in activity in Q4 2021, despite the headwinds brought about by the Omicron variant.”
Looking ahead to the end of 2023, the report’s authors say: “By Q4 2023, the impacts of the pandemic are expected to have been overcome.
“But the economy is still expected to face some turbulence between now and then, notably through volatility in commodity prices, supply chain pressures, and the emerging cost-of-living crisis domestically.
“All of these factors are set to impact growth both at the aggregate level and, to a varying extent, within individual cities.”
The full report can be read at https://irwinmitchell.turtl.co/story/uk-powerhouse-2022-fdi-into-the-uk/page/1
