Recent findings have unveiled the UK towns and cities where disposable income has experienced the most rapid growth.
According to a fresh report by the Centre for Cities thinktank, living standards have surged by 5.2% in 11 leading locations since 2013, surpassing the national rate of 2.4%.
Brighton emerged as the top performer, with an 8.1% increase, followed by Worthing at 7.8% and London at 5.8%. A detailed list of the top performers is provided below.
Collectively, these cities and towns saw a 27% economic growth from 2013 to 2023, outstripping the national average of 18.4%, and achieved a 5.2% growth in real disposable income.
If all 63 of the UK’s largest cities and towns had experienced the same disposable income growth rate as the top performers since 2013, residents would have gained an extra £3,200 on average in disposable income over that period, as per researchers.
For instance, residents of Cambridge, where real disposable incomes declined by 3% in total since 2013, would have benefited from an additional £10,900 over the decade had the city matched the performance of top-ranking places.
In contrast, residents of Wigan, experiencing a 1.6% decrease in real disposable incomes since 2013, would have seen an extra £7,200 in their pockets.
Andrew Carter, the CEO of Centre for Cities, remarked that while the Government has recently focused on the cost of living, sustained economic growth is what truly boosts household incomes. Carter emphasized the importance of growth, stating that without it, temporary fixes for living costs are insufficient.
Carter highlighted that the past decade has only delivered the same level of living standards growth that was typically achieved in a single year before 2008.
He pointed out the positive impact of economic growth in cities like Warrington and Barnsley, where higher household incomes and reduced deprivation have been observed. Carter attributed this outcome to policy decisions regarding skills, transportation, housing, and business support.
Carter emphasized the importance of the Government’s planning reforms, devolution agenda, and Industrial Strategy in fostering growth in cities and enhancing living standards consistently.
He stressed the need for cities to create more jobs in emerging sectors aligned with the Industrial Strategy, such as life sciences, digital technology, and AI, as these sectors not only benefit urban areas but also have a positive ripple effect on the broader economy.
As per Carter, the Prime Minister has indicated that by 2026, politics should demonstrate its ability to assist once again. The success at the year-end will be gauged by the