Recent findings have uncovered the towns and cities in the UK where disposable income has experienced the most significant growth.
According to a fresh report by the think tank Centre for Cities, living standards have increased by 5.2% in the top 11 performing locations since 2013, surpassing the national average of 2.4%.
Leading the pack was Brighton, with an impressive 8.1% surge, followed closely by Worthing at 7.8% and London at 5.8%. The full list of top performers is detailed below.
Collectively, these cities and towns witnessed a 27% economic growth from 2013 to 2023, outpacing the national rate of 18.4%, resulting in an overall disposable income growth of 5.2%.
Researchers estimate that if all 63 major cities and towns in the UK had experienced the same disposable income growth rate as the top performers since 2013, residents would have gained an average of £3,200 more in disposable income over the period.
In contrast, residents of Cambridge, where real disposable incomes declined by 3% since 2013, could have had an additional £10,900 over the decade if the city had matched the top performers.
Similarly, for individuals in Wigan, who experienced a 1.6% decrease in real disposable incomes since 2013, the missed opportunity amounts to £7,200.
Andrew Carter, the CEO of Centre for Cities, emphasized the importance of economic growth in boosting household incomes, highlighting that sustained growth is essential for long-term improvements in living standards.
Carter pointed out that strategic policy decisions on skills development, transportation infrastructure, housing, and business support have been instrumental in translating economic growth into tangible benefits for communities, citing examples like Warrington and Barnsley.
He stressed the significance of government initiatives such as planning reforms, devolution strategies, and the Industrial Strategy in nurturing growth in urban areas and fostering sustained improvements in living standards.
Carter also highlighted the need for cities to create more employment opportunities in emerging sectors supported by the Industrial Strategy, like life sciences, digital technology, and artificial intelligence, to drive economic growth and benefit a broader spectrum of workers.
Looking ahead, Carter echoed the call for political action to drive job creation, wage growth, and economic prosperity across various regions, underscoring the importance of sustained efforts in achieving these objectives.
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