Recent findings have unveiled the UK locations where disposable income has experienced the most significant growth.
According to a fresh study by the think tank Centre for Cities, living standards surged by 5.2% in 11 leading areas since 2013, surpassing the national average of 2.4%.
Brighton topped the list with an 8.1% increase, trailed by Worthing at 7.8% and London at 5.8%. The complete roster of top performers is detailed below.
As a collective, these cities and towns saw a 27% economic growth between 2013 and 2023, outstripping the national average of 18.4%, leading to a total real-terms disposable income growth of 5.2%.
Researchers estimate that if all 63 of the UK’s major cities and towns had mirrored the disposable income growth rate of the top performers since 2013, residents would have had an additional £3,200 on average in disposable income during that period.
In Cambridge, where real-terms disposable incomes decreased by 3% overall since 2013, residents would have had an extra £10,900 over the decade if the city had matched the leading places.
For residents in Wigan, experiencing a 1.6% decline in real-terms disposable incomes since 2013, the potential gain would have been £7,200.
Andrew Carter, the chief executive of Centre for Cities, emphasized the significance of economic growth in enhancing household incomes, stressing that sustained growth is vital for lasting improvements in living standards.
Carter added that policies related to skills development, transportation, housing, and business support play a crucial role in translating economic growth into higher household incomes and reduced deprivation, as evidenced in areas like Warrington and Barnsley.
He highlighted the importance of the Government’s planning reforms, devolution strategy, and Industrial Strategy in fostering growth in cities and ensuring continuous enhancements in living standards.
Carter stressed the need for cities to create more job opportunities in emerging sectors like life sciences, digital technology, and artificial intelligence, which not only benefit urban areas but also have a positive ripple effect on the broader economy.
Looking ahead, Carter echoed the Prime Minister’s call for political action to drive job creation, wage growth, and economic prosperity across the nation by the end of the year.
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