Partly Cloudy

Partly Cloudy

max temp: 18°C

min temp: 10°C

ESTD 1874 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.

shares

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.”

shares

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 East Anglian Daily Times 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 East Anglian Daily Times 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 East Anglian Daily Times 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

Matt Howard and Stuart Morton of chartered accountants and business advisers Price Bailey.

Twenty-four staff have lost their jobs at a Lowestoft department store which went into administration last month as urgent efforts continue to find a buyer for the business.

BSP International Foundations, part of Tex Holdings plc of Great Blakenham, which has bought the assets and business of G & M Power Plant.

Nineteen out of 35 jobs at an electric generator manufacturer have been saved after its business and assets were bought out of administration on Wednesday.

Aga is at the centre of a takeover tussle after revealing US electronic appliances giant Whirlpool was considering a bid to rival Middleby's £129 million offer.

Upmarket cooker firm Aga Rangemaster is at the centre of a takeover tussle after revealing US electronic appliances giant Whirlpool was considering a bid to rival Middleby’s £129 million offer.

A Punch Tavern pub

Pub group Punch Taverns is set to post a slight fall in annual earnings as it continues to offload pubs to cut its debt pile.

Landmark House and Beacon House.

A facilities management business owned by Suffolk County Council is moving home and undergoing a re-brand.

The Ann Letitia Russell lifeboat back home in Fleetwood with marina assistants Daryl Randles, Simon Price and Will Taylor.

In her heyday she saved more than 150 souls. Now port 
owner ABP has joined a community effort to save former lifeboat The Ann Letitia Russell.

Servest Group CEO Rob Legge.

Some of the region’s top professionals were involved in a recent sale deal involving two Bury St Edmunds-based firms, it has emerged.

Sizewell B pop-up farmers' market.

Farmers and producers were at Sizewell B nuclear power station at Leiston last week as it hosted a pop-up farmers’ market.

Ashley Gogan, Bedford Lodge

A four-star hotel in Newmarket has appointed a new face to head up its conference and events service.

Sheepen Place office development scheme at night - artist's impression

Proposals have been submitted for two new office buildings planned for central Colchester.

Most read

Most commented

Topic pages