Partly Cloudy

Partly Cloudy

max temp: 11°C

min temp: 6°C

Search

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

PUBLISHED: 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

Families have been taking advantage of the fine spring weather to get out and about and celebrate Mothering Sunday in the sunshine.

Police are appealing for help in tracing a missing 15-year-old boy from Melton near Woodbridge.

Police have cordoned off an area in Newmarket after they received a report of rape in the town in the early hours of this morning.

How long could you go without using your oven? In my case it was exactly four weeks and, in reality, I could have lasted longer. I only started using it again because I could.

A military site just outside Ipswich has always had an air of mystery about it, writes John Norman, of The Ipswich Society.

Lots of us will be looking for things to do this spring – particularly around the time of the Easter school holidays.

A former Northgate Grammar School pupil who has become an experienced choir and orchestra conductor will be returning to Ipswich for a homecoming performance.

Great British Pottery Throwdown winner Ryan Barrett is among the artists to have donated artwork to a charity auction being held on the Waterfront, in Ipswich.

An air ambulance regularly flown by Prince William “narrowly avoided” a collision with a remote-controlled drone, an official report has claimed.

When Suffolk-born Andy Reilly takes to the water this summer for the county’s biggest swimming challenge, it will be a tribute to two of his closest family members who were both struck with blood cancers.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Newsletter Sign Up

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24