South East matches Eurozone on GDP growth
The affluent South East region of UK, which includes London, is expected to keep pace with the Eurozone in the race for GDP over the next three years.
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But the news is not so good for the other regions in the UK, revealing an economically divided Britain, with the North and the Midlands in particurlar, losing out, according to research by Experian Business Strategies and consultants DRI-WEFA.
Inner London, Berkshire, Buckinghamshire, Oxfordshire, Surrey, East and West Sussex are all expected to yield growth rates in excess of 3%, with the tiny economy of Lincolnshire is expected to expand the most at 3.8%.
But for the rest the future looks somewhat bleak – 26 out of the UK’s 37 regions are expected to drop down the GDP league tables, losing out to their European counterparts.
Areas like Cumbria, Merseyside, North Eastern Scotland, Northern Ireland, Devon and Cornwall are all expected to expand by less than 2%.
Dr Neil Blake, research director at Experian said: ‘After a period of strong economic growth in the late 1990s, UK economic growth is set to slow over the next couple of years. This will allow other European areas to improve their position against UK regions.’