The Fast Growth Cities Group including Oxford City Council has published research which shows how devolution could help the UK become a science and technology superpower.
The Fast Growth Cities Group includes the city councils of Oxford, Cambridge, Milton Keynes, Norwich and Peterborough and their latest report sets out how devolution and investment could boost the UK’s economic growth and productivity.
The report named ‘The Case for Support and Investment’ reveals that government and private sector investment could increase cities’ economic contribution to UK plc from £42 billion per annum in 2020 up to £150 billion by 2043.
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There is also the potential for additional tax contributions to the exchequer of up to £1 billion and employment growth from 666,000 jobs today to almost 900,000 by 2050.
Chair of Fast Growth Cities and leader of Oxford City Council Susan Brown said the study proves “local economies have the ability to attract investment from global firms that would not otherwise have been brought to the UK”.
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She said: “We are calling on the UK government to help the UK to achieve its economic potential on the world stage, becoming a science and technology superpower and global leader in the green transition.
“Our cities are leading the world in innovation, research and medical science and we need the UK government to help us deliver the housing and other infrastructure that our cities need to grow sustainably.”
Ms Brown’s calls were echoed by other council leaders across the UK, with Norwich City Council leader Mike Stonard arguing that the report provided “compelling evidence which makes the case for investment in our cities on a range of important initiatives”.
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Each member of the Fast Growth Cities group makes a significant contribution to the national economy in terms of jobs, tax, innovation, trade and foreign investment.
Subsequent to the research commission, Swindon has rejoined the group so it is not included in the findings.
The cities contribute disproportionately high levels of tax to the UK exchequer, with the Fast Growth Cities collectively contributing between £11,900 and £15,900 per capita in comparison to England’s per capita average of £8,900-£11,900.
Despite their strengths, all five cities face constraints and challenges and these threaten to hold back their economic growth potential.
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In the report, research undertaken by socio-economic consultancy Volterra has highlighted four key investment priority themes and these include devolved powers, physical infrastructure, inclusive growth and social mobility, housing and planning and sustainability.
Each priority theme is outlined in more detail in the research, with a clear vision of the role government, local leaders and the private sector all need to play in order to make these economic ‘asks’ a reality.
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He joined in the team in February 2023, after completing a History undergraduate degree at the University of York and studying for his NCTJ diploma in London.
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