SCOTLAND’S largest city has been named most resilient in the face of the pandemic in a new analysis of economic vitality across major UK cities.
The economic vitality index shows that since the start of the first lockdown, which started on March 23 2020, found that Glasgow’s rating has risen by 12.2 per cent. The next best performing cities were Liverpool and Southampton with rating rises of 7.3% and 4.9%.
Of the 15 key city economies analysed in the Key Cities Tracker, London was ranked seventh and saw its rating fall by 0.7% during the past two years.
Adam Kirby, of JPES Partners – which created the index – said: “Since the first lockdown Glasgow has led the UK in terms of overall economic vitality, driven in large part by the strength of many local businesses through the Covid era and a relatively resilient jobs market.
"Our new Key Cities Tracker illustrates stark differences between the post-pandemic fates of UK cities. It’s also beginning to highlight the next challenge – a cost of living crunch that is afflicting the whole country. But this too isn’t the same everywhere. We’ve seen earnings struggling to keep up with inflation in many locations during the past six months but less so in others such as Glasgow, Liverpool and Southampton.”
Working from postcode granularity upwards, the study rates locations across the UK on the basis of economic metrics which are grouped around business density, earnings, employment levels, average residential values, and population movements. “Looking ahead, economic divergence will likely accelerate further," Mr Kirby said.
"As the UK moves through this period of inflation, higher interest rates and the ramifications of conflict in Eastern Europe, the ability to assess economic vitality on a detailed locational basis will become increasingly important for a growing number of business sectors.”
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