Monday, 27 January 2014

Cambridge Leads The Way In UK Economic Recovery

A new report out today shows that Cambridge continues to punch above its weight as the UK economy recovers. The report, Cities Outlook 2014, published today by the Centre for Cities, compares the economic health of 64 cities across the United Kingdom, and shows that Cambridge comes at or near the top of the tree on a range of indicators.

The City and its universities were responsible for 68.7 patents per 100,000 population, which is as many as the six next best cities combined. Cambridge has the highest proportion of people (65.9%) with high level qualifications, whilst also having the second lowest number of people without qualifications.

The city had the lowest unemployment count, at just 1.4% in November 2013. Those in work have the 6th highest average earnings in the country but the city is also the most equal of the 64 cities studied.

Cambridge has the second highest proportion of employees in knowledge-intensive service jobs, at 31.7%, and the third highest level of post codes with superfast broadband (88.3%). The rate of population change, at 2.0% in 2011-12, was the highest of the 64 cities in the report.

However, this success does come at a price – average house prices are the third highest of the 64 cities, at £362,800.

Leader of Cambridge City Council, Councillor Tim Bick said, "This is a glowing picture of Cambridge, confirming just what an incredibly successful city it is. It is worthy of simple reflection on this fact before seeking out the "buts". There is of course no room for complacency as this level of success naturally brings its own challenges, in our case the particular one is the supply of housing. To maintain this success we need to see in place the new local plans that we and our neighbouring councils have been preparing. And we need government to devolve more of its power and funding to enable investment within the city region enabling protection for the quality of life, which we are negotiating to achieve along with our neighbours through the City Deal."