Sunshine and Showers

Sunshine and Showers

max temp: 14°C

min temp: 10°C

Search

East Anglia: Region’s output growing fast but still below pre-crisis peak, says RBS Regional Growth Tracker

06:00 20 August 2014

Royal Bank of Scotland has published its Regional Growth Tracker report for the second quarter of 2014.

Royal Bank of Scotland has published its Regional Growth Tracker report for the second quarter of 2014.

The East of England was the fourth fastest growing region in England during the second quarter of 2014, according to analysis by Royal Bank of Scotland.

But the region has yet to regain the level of output achieved before the financial crisis, the latest RBS Regional Growth Tracker report says.

The study shows that the recovery is broadly based, with all nine English regions achieving growth for the sixth quarter in a row, London leading the way followed by the East Midlands and the South East.

However, while these three regions have all now passed their pre-crisis peak, as has the South West, the East of England has yet to regain this milestone, although RBS suggests it is likely to do so during the second half of the year.

RBS economist Stephen Blackman said: “Our Regional Growth Tracker estimates the East of England’s economy expanded by 0.8% in Q2. That makes the East the fourth fastest growing English region.

“Although professional services provided the largest contribution, the region’s owes a thank you to its 13,000 wholesalers, 25,000 retailers and 10,000 firms involved in logistics and distribution. These sectors are more important to the East’s economy than they are typically for the UK and have also grown faster than the UK economy on average.

“The real highlight is that many of England’s fastest growing local area economies are in the East. Hertfordshire tops the table, with its economy the fastest growing English local area, expanding by almost 4% annually.”

Close behind Hertfordshire’s growth of 3.9% were Central Bedfordshire on 3.8% and Thurrock and Luton, both on 3.7%. Essex and Cambridgeshire both saw growth of 3.5%, with Bedford on 3.4%, Suffolk on 3.3% and Southend and Peterborough, both on 3.2%. Bringing up the rear was Norfolk, on 3.1%.

Andrew Harrison, RBS regional managing director for commercial and corporate banking, said: “The East of England is emerging from the economic downturn well positioned to benefit from the increasing pace of growth in the UK. The region’s broad based economy and proximity to London has insulated the East of England from the worst of the economic conditions.

“The concentration of world leading technology businesses in and around Cambridge rightly receives positive profile. It should not be forgotten that more traditional sectors such as agriculture and manufacturing are also making a significant contribution to wealth creation in the region.”

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Ipswich Star visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Ipswich Star staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Ipswich Star account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

A 75-year-old man from Stowmarket who was brought back to life after suffering a heart attack believes if he had collapsed anywhere else he may not be alive today.

A community leader has made an impassioned plea for a precious area of countryside where 560 homes could be built to be saved from the developers’ bulldozers.

Daryl Goodrich to talk about his life in film making at University of Suffolk

Please get in touch and please come home is the message to missing RAF Honington serviceman Corrie McKeague from his uncle, a week after he was last seen.

From the minute The Dreamboys stepped on stage, I knew it was going to be a great show.

Health workers have been caught stealing controlled drugs from some of the region’s hospitals, it can be revealed.

Aspiring rock-gods and up-and-coming shredders have pitted their axe-wielding skills to the test in a competition to find Ipswich’s top air guitar hero.

Five men have been jailed for a total of 112 years for conspiring to murder a man in Bury St Edmunds who was left for dead after being shot with a sawn-off shotgun.

Now 10 games into the season and Ipswich Town sit 13th in the table. Is that going to be the club’s level for the rest of the season?

Police in Ipswich are cracking down on anti-social behaviour in Christchurch Park, after reports of drug users and heavy drinkers in the area.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24