Nottingham in top ten UK economic contributors
Nottingham is the tenth biggest contributor to the UK economy. According to research from accountant UHY Hacker Young, the city has the highest ‘gross value added’ calculation in the East Midlands.
The research analyses the official calculations of ‘gross value added’, which measures the region’s contribution to the UK economy according to the value of goods and services it produces.
Nottingham features tenth in the list ahead of Derby and Leicester, which place 12th and 21st respectively.
Nottingham generated £25,835 per head in the year to 1 January 2009, £4,732 above the national average. This totalled a growth on the previous year of 1.2 per cent.
Phil Oliver, senior partner at UHY Hacker Young, said: “Nottingham has retained a strong economic position despite the recession, generating considerable wealth for the UK economy. This is great news for the city, but the next wave of spending cuts could be a challenge for many regions, including Nottinghamshire.”
“The financial services industry was hit significantly during the credit crunch, weakening London’s fire power, but cities, such as Nottingham, where other industries are key contributors have been successful in maintaining economic output.”
Londoners remain the biggest contributors to the UK economy.
