Unlocked potential in the south west could see £50 billion contribution to UK economy
Leading business and financial adviser, Grant Thornton UK LLP has released research that highlights the unlocked potential of the South West economy.
The research shows that the Gross Value Added (GVA) in the region could be increased by up to £50 billion by 2025 if GVA per worker in the South West matched the G7 average (excluding the UK itself).
Highlighting the continued challenge over productivity, the study also reveals that the South West economic value per workforce job is £6,000 below the UK average of £47k per work force job.
The research released today also showed that economic output per hour worked in the South West is 8% lower than the national average identifying a key area for growth in the region.
The research highlights the importance of the South West actively unlocking its potential contribution towards national economic growth ahead of the Chancellor finalising the March Budget plans.
Tim Lincoln, Practice Leader for Grant Thornton South West, comments:
“Today’s research has revealed exciting economic potential for the South West. Identifying and understanding some of the key challenges our region faces will allow us to proactively address how we can ensure the South West plays its part in contributing to national economic growth.
“It is perhaps unsurprising that infrastructure and transport links continue to top the list of what businesses say need to realise real growth. The electrification of the Great Western railway line between Bristol and London is a step in the right direction to address this economic need, and the finalisation of this project can’t come quickly enough to truly help our region’s businesses flourish.”