March 10 2014 Latest news:
Monday, January 27, 2014
We take an in-depth look at what a new report into jobs, business and well-being means for Norwich.
A new report has found that the UK’s economic recovery is widening the gap between London and other cities, with almost 10 times more jobs being created in the capital than the next best area.
Research by the Centre for Cities think tank, which included Norwich, revealed that London accounted for 80pc of national private sector employment growth between 2010 and 2012.
For every public sector job created in the capital, two have been lost in other cities, the study found.
While London is “booming”, cities such as Bradford, Blackpool and Glasgow have seen jobs lost in private and public sectors, said the report.
Alexandra Jones, chief executive of Centre for Cities, said: “The gap between London and other UK cities is widening and we are failing to make the most of cities’ economic potential.
“Devolving more funding and powers to UK cities so they can generate more of their own income and play to their different strengths will be critical to ensuring this is a sustainable, job-rich recovery.”
Cities minister Greg Clark said: “For Britain to prosper, our cities must prosper. They are the engines of growth for the national economy in a world where cities are increasingly competing against others around the world for jobs and investment.
“That is why the City Deals programme, which began in 2012, has been so important, giving cities more power to drive growth, something from which London has benefited for over a decade.
“The Centre for Cities report uses data up to September 2012, and illustrates exactly what the Government was saying at the time - that it is essential to hand powers over to cities so that they can take control of their own destinies. Since then, the cities have gained momentum.
“In the last two years the UK has created over a million jobs, of which over 750,000 are outside London. City Deals and Local Growth Deals will unleash the potential for cities to stimulate growth and create jobs around the country.”
Here are 10 key findings from Centre for Cities Outlook Report for Norwich and what they could mean
ANALYSIS: As expected the city continues to grow at a pace. That is not likely to change any time soon, hence the various bids by our councils to build more houses in and around Norwich.
Business start ups 2012 (per 10,000)
Business start-ups 32.76
Business closures 36.42
Business churn rate -1.17
Best in country for start-ups London 75.5
Worst in country for start-ups Belfast 21.74
UK average for start-ups 42.30
ANALYSIS: It is this figure more than anywhere which shows how so many new businesses head for London first. Norwich lags behind in terms of the UK average for start-ups and that is a problem that has been widely known for several years.
Business patents granted per 100,000 in 2012
Best in country Cambridge 68.69
Worst in country Hull 1.94
UK average 4.60
ANALYSIS: ‘We must be more like Cambridge’ is a rallying cry you often hear from Norwich’s business leaders, but this statistic shows we still have some way to go in terms of ideas and innovation.
Working age population with no formal qualifications
Best in country Worthing 4.45pc
Worst in country Blackburn 17.15pc
UK Average 9.9pc
ANALYSIS: A positive stat for the city, but business bosses and education leaders would no doubt like to see the percentage fall even further.
Employment rate in Norwich
July 2011-June 2012 75.05pc
Jul 2012-Jun 2013 74.18pc
Percentage change -0.87pc
UK average 2011-2012 70.20pc
UK average 2012-13 71pc
ANALYSIS: A worrying drop in employment rate has not been mirrored nationally - but at least the city fares well compared to the rest of the UK.
Private sector employment
Norwich in 2011 97,200
Norwich in 2012 97,700
ANALYSIS: This equated to a 0.45pc increase compared to 0.10pc nationally, highlighting how important it is for Norwich’s economy for the private sector to be booming.
JSA claimant counts
Norwich 2012 3.42pc
Norwich 2013 2.63pc
Worst in UK 2013 Hull 6.94pc
Best in UK 2013 Preston 2.28pc
UK average in 2013 3pc
ANALYSIS: A fall in JSA claimants has to be welcomed and it pulls Norwich below the UK average.
Average weekly earnings
Norwich 2012 £430.37
Norwich 2013 £444.73
UK average in 2012 £490.30
UK average in 2013 £502.20
Best in UK in 2013 London £634.14
Worst in UK in 2013 Hastings £382.30
ANALYSIS: Norwich continues to have a lower average weekly earning than the UK average and that will work against the city when trying to attract skilled workers.
House price growth from 2012-2013
Worst in UK Burnley -4.62pc
Best in UK Cambridge 10.74pc
Mean house price in Norwich 2013 £188,500
UK average £244,100
ANALYSIS: As has been reported elsewhere, house prices in Norwich have stood up well compared to nationally. Will people be able to afford to buy however?
Life satisfaction Norwich 2011/12 7.52
Life satisfaction Norwich 2012/13 7.54
Worst in UK 2012/13 Rochdale 7.15
Best in UK 2012/13 Ipswich 7.75
UK average 2012/13 7.45
ANALYSIS: This is the statistic that really matter of course. Just how happy are we living in this city? Very according to the latest figures which places us in the top 10 in the country - but below Ipswich.