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20 May, 2022 - 20:44 By Tony Quested

High speed Cambridge the UK capital for fast job creation

Cambridge will create new jobs faster than any other UK location between now and the end of 2023 according to a report from law firm Irwin Mitchell.

It beats Oxford into second place with Inner London fourth. The ‘rapid recruitment’ rankings provide further evidence that the Oxford2Cambridge Arc is an economic powerhouse for the UK – an asset the Government is in danger of wasting.

Overseas investment and an economy rich in services and research-based organisations puts Cambridge in top spot.

The Irwin Mitchell report says that Cambridge will add 7,700 new filled positions between Q4 2021 and Q4 2023. The UK Powerhouse study, produced by Irwin Mitchell and the Centre for Economics & Business Research (Cebr), analyses 50 of the largest local economies by employment and GVA growth.

It says Cambridge further benefits from ongoing investment in the Oxford-Cambridge Arc – a region identified as being of global importance for innovation and business activity.

The report predicts that the positive factors in its armoury will provide Cambridge with a year-on-year GVA growth of 2.1 per cent by the end of 2023. This will result in a total of £800 million being added to its economic output from Q4 2021 to Q4 2023.

Bryan Bletso, Partner and head of International at Irwin Mitchell, said: “FDI brings potential for higher productivity and improved economic output for many years into the future. 

“There are signs that despite a fall in the number of projects last year compared to the previous 12 months, more recent data from the United Nations points to a strong recent recovery.

“We are certainly seeing some encouraging signs with an increase in enquiries from organisations looking to invest here and as a national firm we seeing FDI activities spread across much of our national footprint.”

Josie Dent, Managing Economist at Cebr and one of the report’s authors, said: “The economy is still expected to face some turbulence between now and the end of next year, notably through volatility in commodity prices, supply chain pressures, and the emerging cost-of-living crisis domestically. All of these factors are set to impact growth both at the aggregate level and, to a varying extent, within individual cities.

“This report highlights that much of the fastest growth during next year will be concentrated in the South. Locations such as Milton Keynes, Cambridge and Oxford have economies which are dominated by fast-growth sectors and they have also been hot spots for overseas’ investment.”

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