Fast Growth Cities champion investing locally to achieve global potential
An influential group of city councils published new research showing how investment across four key areas and devolution of powers could help the UK to become a science and technology superpower.
The FGC group comprises the city councils of Oxford, Cambridge, Milton Keynes, Norwich, and Peterborough . Subsequent to the research commission, Swindon has now rejoined the FGC group, and so it is not included in the findings.
Given the country’s relatively poor economic performance forecast for 2023, the FGCs believes it is crucial the government invests in areas of the country that will deliver a net economic benefit to the UK as a whole – by attracting inward investment and encouraging domestic private sector investment in the UK’s growth sectors.
FGCs have a number of unique strengths, and together they contribute disproportionately high levels of tax to the UK exchequer – the FGCs collectively contribute approximately £11,900-£15,900 per capita, in comparison to England’s per capita average of £8,900-£11,900.
The report shows how devolved powers and targeted economic investment from both government and the private sector could increase those cities’ economic contribution to UK plc from £42bn per annum in 2020 to up to £150bn by 2043, with additional tax contributions to the exchequer of up to £1bn; and employment growth from 666,000 jobs today to almost 900,000 by 2050.
Despite their strengths, all five cities face constraints and challenges which threaten to hold back their economic growth potential. The research, undertaken by socio-economic consultancy Volterra, highlights four key investment priority themes on socio-economic issues all of the cities share. Sitting on top of these four themes, is the need for further devolved powers to be afforded to these cities.
Were the UK to unlock the economic potential of these cities, and bring productivity in line with other comparable international cities, the FGCs would deliver improved living standards for workers throughout the UK.
Download the Fast Growth Cities Economic Research – The case for investment.
Chair of Fast Growth Cities and Leader of Oxford City Council, Councillor Susan Brown
“The Fast Growth Cities case studies of local success stories provide demonstrable evidence our local economies have the ability to attract investment from global firms that would not otherwise have been brought to the UK. We are calling on the UK government to help the UK to achieve its economic potential on the world stage, becoming a science and technology superpower and global leader in the green transition. Our cities are leading the world in innovation, research and medical science and we need the UK government to help us deliver the housing and other infrastructure that our cities need to grow sustainably.”
