The latest report from the thinktank Centre for Cities has unveiled the UK towns and cities experiencing the fastest growth in disposable income.
According to the report, living standards have increased by 5.2% in 11 leading locations since 2013, surpassing the national average of 2.4%.
Brighton emerged as the top performer with an 8.1% rise, followed by Worthing at 7.8% and London at 5.8%. The complete list of top-performing areas is available below.
Collectively, these cities and towns have seen a 27% economic growth between 2013 and 2023, compared to the national rate of 18.4%, resulting in a 5.2% growth in real disposable income.
If all 63 of the UK’s major cities and towns had matched the disposable income growth of the top performers since 2013, residents could have gained an average of £3,200 more in disposable income over the period.
In Cambridge, where real disposable incomes decreased by 3% since 2013, residents could have had an additional £10,900 in their pockets if the city had matched the top performers.
For residents of Wigan, who experienced a 1.6% decline in real disposable incomes since 2013, the potential gain would have been £7,200.
Andrew Carter, the chief executive of Centre for Cities, emphasized the importance of economic growth in boosting household incomes, stating that sustained growth is essential for long-term improvement in living standards.
He highlighted that while some areas like Warrington and Barnsley have seen positive outcomes from economic growth, this success is a result of deliberate policy decisions focusing on skills development, transport infrastructure, housing, and business support.
Carter stressed the significance of the Government’s planning reforms, devolution initiatives, and Industrial Strategy in fostering growth in cities and enhancing living standards continuously.
He also emphasized the need for cities to create more jobs in emerging sectors like life sciences, digital technology, and artificial intelligence, as these industries not only benefit urban areas but also contribute to the broader economy.
Looking ahead, Carter echoed the Prime Minister’s call for politics to drive positive change, urging for more job opportunities, higher wages, and stronger economic growth across various regions by the end of the year.