Pictured above: Phil Oliver
Nottingham is gaining an economic edge on other major UK cities,
such as Birmingham, Manchester and Liverpool, according to research
by Nottingham and Chilwell-based Chartered Accountants UHY Hacker
Young.
Based on productivity, the research analyses the official
calculations of 'Gross Value Added' - the measure of a 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 neighbouring cities Derby and Leicester, who place twelfth and
twenty-first respectively.
Nottingham generated £25,835 per head in the year to 1
January 2009, £4732 above the national average, totalling a
growth on the previous year of 1.2 per cent. Londoners remain the
biggest contributors to the UK economy, but the research suggests
that other regions are beginning to catch up with the capital.
Phil Oliver, senior partner at UHY Hacker Young comments:
"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."
UHY explains that the city's economic success could be due to
Nottingham's position as a centre for employment in a diverse range
of industries.
Phil adds: "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."
UHY Hacker Young has offices in Nottingham city centre and
Chilwell and has seven partners offering professional, personal and
prompt full service support to East Midlands and national
clients.