Hull has been named as a ‘star performer’ in the Yorkshire and the Humber Region in the latest report by the Confederation of British Industry (CBI) about Unlocking Regional Growth.
The report looks at regional productivity differences, why they exist and what more businesses and local and national government can do to tackle it and encourage regional growth.
Part of the report looked at the economic impact that could be achieved by 2024 if each local area improved at the same rate as the top performer of the region. Hull was found to have a 43 per cent growth rate, the strongest in Yorkshire and the Humber.
Councillor Martin Mancey, Portfolio Holder for Energy City with responsibility for economic regeneration, said: “The report from the CBI is welcome news. This is a clear demonstration that our City Plan and investment strategy are starting to pay dividends.
“There has been a marked increase in the number of businesses in Hull, particularly on the previous year. The renewable, professional, scientific and technical, construction, plus the business administration and support service sectors have been the strongest areas of growth. There is considerable interest in further investments in the city by national and global investment funds.
“There has been £1 billion of investment in the city since 2013 showing that businesses believe in Hull and its future. We will ensure the City Plan continues to evolve to maintain a steady growth which gives greater opportunities for all.”
The report suggests that if every local area imitated their region’s success stories, as in Hull’s case for Yorkshire and the Humber, the nominal gross value added to the UK economy would go up by 45 per cent to £2.09tn by 2024.
