News - 20 August 2014

East Midlands is fastest growing UK economy in Q2 of 2014

A new report reveals the East Midlands had the fastest-growing economy in England in the first six months of the year.

RBS’ second RBS Regional Growth Tracker shows the UK’s economic recovery is proving to be a broad-based one, with all nine English regions growing for the sixth consecutive quarter.

It also shows the East Midlands has been leading the way over the past 12 months and is one of only four English regions where economic output has passed its pre-credit crunch peak.

George Cowcher, chief executive of the Chamber of Commerce for Derbyshire, Nottinghamshire and Leicestershire said: “It’s almost a year to the day since Bank of England Governor Mark Carney described the East Midlands as a ‘bellwether for the UK economy’. These figures demonstrate that the region has moved from ‘bellwether’ to national leader.

“This latest report, which echoes the findings of the Chamber’s own research, shows that, unlike other English regions, the East Midlands is benefitting from a well-balanced economy, with real strengths in manufacturing and engineering; the service sector; and science and technology.

“It also shows that progress is being made with the skills agenda – although issues still remain – with more private sector jobs being created here than anywhere else in the UK.

“The East Midlands has seen less intervention from national initiatives to support economic growth at a local level since the recession, yet it has shown throughout the recovery that it is a hardworking region, with businesses of all sizes looking for further opportunities to develop and expand. 

“It’s crucial that Government, Local Enterprise Partnerships and other key organisations continues to support local companies to invest and grow so they can continue to drive the recovery, both regionally and nationally.”

Source: East Midlands Business Link

View the RBS Growth Tracker Here

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