Agenda

REPORT FINDS SHEFFIELD’S ECONOMOMIC GROWTH FASTER THAN ALL OTHER YORKSHIRE CITIES

The Irwin Mitchell City Tracker has been produced by the Centre for Economics and Business Research (Cebr) and examines 50 locations across the UK, forecasting future growth in terms of gross value added (GVA) and employment.

The report, which estimates that the UK entered into a recession in the second half of 2022, expects economic growth to resume in the second half of 2023.

Charlotte Rees-John, partner and head of Irwin Mitchell’s consumer sector, said: “Last year presented numerous challenges and the downward pressure on spending activity, which continues to be concentrated in the consumer sector, looks set to continue throughout the first half of 2023.

“The consumer sector has however been one of the most resilient, agile and innovative sectors in recent times and those businesses that succeed during 2023 will be in a very strong position to take advantage of a more stable economic environment in 2024.”

According to the research, Sheffield’s economy is predicted to be 0.5 per cent larger in Q4 2023 than it was at the end of last year.

Startups.co.uk’s annual ranking of the top cities in the UK, outside of London, to start a business has named Sheffield in the top spot.

The most exhaustive research project of its kind measures against 42 research categories, covering everything from digital infrastructure to high street funding, using this information to determine the best overall city for start-ups to thrive in.

Sheffield has been revealed as the overall winner, thanks to the city’s strong performance across many of the research areas. The Steel City impressed with its low cost of living, large working population and fantastic transport links. The city performed well in multiple categories, making the top 10 in four out of the five main research categories, including second for business support and third for talent. In their conclusions, Startups.co.uk said:

“Sheffield City Region boasts an impressive business profile and is home to world-class brands, including Boeing and HSBC.

“The city is also famous for its Innovation District. This globally significant centre for innovation and translational research spans over 20,000 acres and is a major driver of growth in the north of England and across the UK.”