06/06/2018 by Nimisha Overton 0 Comments
Deal or No Deal?
What an important discussion is happening right now with the the highs and lows of a drama that has divided the nation like a cliff hanger on a British soap like Eastenders.
While this is going on a US think tank, The Milken Institute has named (Inner) London (East) area namely Canary Wharf and City as one of Europe's top performing cities.
This ranking was based on detailed data around job creation, wage growth and gross added value of hi-tech services and manufacturing industries to compile the report
This influential Europe-wide study of top-performing cities sees the UK claim 3 spots in the Top 10 and 5 in the Top 20. While Stockholm and Budapest rounded off the top three, Berkshire, Buckinghamshire, and Oxfordshire came in at number seven, Outer London-West came in at number nine, Leicestershire, Rutland, and Northamptonshire at 14 and Derbyshire and Nottinghamshire at number 18.
What is interesting is that most of the research was done before the Brexit vote and the economic impact of the transition is “yet to be fully assessed”.
The City, the report added, “spars with Wall Street for the designation of world leader and in many measures outshines its New York competitor”.
Also praised were “world-class universities” which attract talent, along with London’s strength in international tourism, creative industries, legal services and biopharmaceuticals.
But concerns were raised about the high cost of housing, which “limit access to opportunities being created”. Also flagged was the potential impact of Brexit, which has not been fully factored in to the data.
The report said that in the wake of the EU referendum, Inner London’s GDP growth rate fell from 2.5pc to 1pc, adding that much of the economic expansion was powered by talent arriving from other EU nations. “If this talent flow slows substantially in response to Brexit, it will curtail future growth,” the study warned.
The Milken Institute has been running its Best-Performing Cities index in the US for more than a decade, but this is the first time it has launched the research in Europe.
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