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Greater Manchester's economic growth outstrips Inner London despite 'tough headwinds'

Growth - Economy of Greater Manchester is growing - SantanderCB

New research has found that despite slowing down in Q4, the economy of Greater Manchester grew faster than Inner London at the close of 2015. In its latest UK Powerhouse report produced alongside the Centre for Economic and Business Research, law firm Irwin Mitchell found that Greater Manchester's economy grew by 2% in the 12 months to Q4 2015, compared to 1.9% in central London. But the figure is lower than economic growth at previous points in the year, with the 12 months to Q3 2015 showing growth of 2.5% for the heart of the Northern Powerhouse. The report found that in December, Greater Manchester's economy was worth £57bn, with over 1.26m people in employment across the county. As with the rest of the UK, Cebr has reduced its 2016 GVA forecast for the North West. While the region was expected to reach an economic value of £149.6bn by the end of this year, that figure has now been lowered to £148.9bn. Despite Greater Manchester growing faster than London at the close of 2016, projections for the next decade still place the capital well ahead of the rest of Britain. According to the report, the economic gap between London and the North currently sits at £62bn, but the figure is due to reach £115bn by 2025.

 

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