The latest findings have unveiled the UK towns and cities where disposable income has experienced the most significant growth. According to a recent report by the Centre for Cities thinktank, living standards in the top-performing areas surged by 5.2% since 2013, surpassing the national average of 2.4%.
Brighton emerged as the leading performer with an 8.1% increase, closely followed by Worthing at 7.8% and London at 5.8%. The complete list of top performers is available below.
Collectively, these cities and towns witnessed a 27% economic expansion between 2013 and 2023, outpacing the national growth rate of 18.4%. This growth led to a 5.2% rise in total real disposable income.
If all 63 major cities and towns in the UK had matched the disposable income growth rate of the top performers since 2013, residents would have gained an average of £3,200 extra in disposable income over the period.
In Cambridge, where real disposable incomes decreased by 3% since 2013, residents would have had an additional £10,900 if the city had paralleled the performance of the top locations.
For individuals in Wigan, experiencing a 1.6% decline in real disposable incomes since 2013, the potential increase would have been £7,200.
Andrew Carter, the Chief Executive of the Centre for Cities, emphasized the importance of economic growth in boosting household incomes in the long term. He highlighted that sustainable growth is essential for addressing cost-of-living concerns effectively.
Carter also pointed out that certain areas like Warrington and Barnsley have seen positive outcomes from economic growth, leading to higher incomes and reduced deprivation. He stressed the significance of policy decisions in areas such as skills development, transportation, housing, and business support.
He further highlighted the critical role of the government’s planning reforms, devolution strategies, and Industrial Strategy in fostering growth in cities and enhancing living standards continuously.
It is essential for cities to create more job opportunities in emerging sectors like life sciences, digital technology, and artificial intelligence, as these industries not only benefit urban areas but also contribute to overall economic growth and prosperity.
Carter echoed the sentiment expressed by the Prime Minister, emphasizing the need for political actions to drive job creation, wage growth, and economic progress across the country. The focus is on achieving tangible improvements in these areas by the end of the year.