BusinessCompany NewsBritish economy most ‘divided’ in Europe

British economy most 'divided' in Europe

Economic growth in the UK is divided more than ever with the prosperous South far outpacing the North and Midlands, a new survey by Experian has found.

Link: ITEM Club says UK growth underestimated

Economic growth was measured both in terms of GDP and employment growth with Berkshire, Bucks and Oxfordshire registering the highest annual percentage change, 4.4%, ranking it as the 10th fastest growing region in the EU.

Inner London came joint second (3.8%) with Kent, while Surrey, East and West Sussex, Hampshire and the Isle of Wight all grew by 3.4%.

In contrast, Leicestershire, Cumbria, West Wales and the Valleys and the Tees Valley all had growth of less than 1.8%, well below the UK average of 2.7%

‘Although the UK economy will continue to be one of the most successful in Europe, it is also one of the most regionally divided between North and South,’ said Rebecca Snow, senior economist at Experian’s Business Strategies division.

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