Geordies leading the UK with an pay rise of 6.3 percent pay rise – and economic growth of 4.4 per cent
Investment in the north finally pays off
NEWCASTLE has emerged as the rising star of the British economy.
The city enjoyed growth of 4.4 per cent last year, the highest level in the country.
It also had the highest increase in wages at 6.3 per cent as investment in the North finally paid off.
And it was just the leader of a trend which saw other cities, including Birmingham, Manchester and Cardiff, outstrip London by both measures.
The findings are from the third annual UK prosperity map from Barclays, which ranks cities according to their economic performance.
Experts said growth in places such as Newcastle and Birmingham was “good news” but pointed out that they had started from a lower base.
Barclays Wealth &; Investment CEO Dena Brumpton said the figures were encouraging
She added: “The continued economic growth of the UK’s cities is further cause for optimism — but, if the current trend of high prosperity growth in cities continues, regions risk being left behind by their flourishing centres.”
“The challenge for businesses and policymakers is to find new ways of bridging this gap and ensuring greater balance in how each part of the UK is sharing in the country’s prosperity.”
The report also reveals that one in 79 Britons is now a millionaire, up from one in 84 last year.
Every region bar Scotland saw an increase in its number of millionaires since last year.
The East Midlands and South West saw the highest growth.
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