• Swindon & Wiltshire Economy
• Monday July 22 2024
• Author Name: Peter Davison

West economy likely to see UK’s fastest growth over next five years – Western Gateway

The West’s economy is likely to grow faster than any other part of the UK economy outside of London over the next five years, according to a major new report.

The report by regional powerhouse organisation Western Gateway estimates that the West’s economy – along with that of South Wales, which the partnership also covers – will grow by 1.4 per cent per year between 2024 and 2029, outstripping the growth of other parts of the UK.

The area’s skilled workforce, world-leading industry and high-tech business with strong sectors in cyber, green energy, aerospace, creative and fintech will all contribute to the regions’ growth, say the report’s authors, Hardisty Jones Associates & Oxford Economics and EY.

The area was also noted as being a high exporter, outperforming other parts of the UK, and producing over six per cent of the UK’s total energy capacity.

Despite this, the reports also show the area has been massively underinvested in. It estimates that companies in the area are missing out on between £3-9 million in private sector investment per businesses every year on average when compared to other parts of the UK.

These reports were launched at a meeting with the region’s businesses at Airbus’s Filton base in Bristol.

The event was hosted by the Western Gateway as part of the run-up to the 2024 Convention for the Western Gateway, presented by SSE Energy Solutions, on October 17 where the area’s Plan for Sustainable Growth will be unveiled.

Sarah Williams-Gardener, chair of the Western Gateway, said: “As this report highlights, despite significant underinvestment it is estimated that South Wales and Western England are likely to grow by 1.4 per cent per year between 2024 and 2029, making us the area most likely to grow outside of London over the coming months.

“Our cross party group of leaders is ready to work with our colleagues across the nation alongside business and our great universities to become the drivers for our future economy playing our part in helping the UK deliver on its new National Mission for Growth.”

The Western Gateway is the Pan-regional Partnership for South Wales and Western England. It spans an area from Swindon in the east to Swansea in the west.

Pictured: The Severn Bridge by Roman Grac at Pixabay

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