Latest GDP figures paint a depressing regional picture…

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Today’s ONS figures reveal that UK has avoided a recession, but there is a depressing regional picture…

Today the Office for National Statistics released the latest GDP figures for the UK. This highlights how the UK has avoided recession in the third quarter, though we are seeing a significant loss in momentum.

Previous figures released by ONS for the regions, show that whilst the British economy as a whole has avoided a recession since 2015, this masks wide variation between regions, with some having been in technical recession, stagnating or contracting in size. This is in spite of much lauded regional initiatives such as the Northern Powerhouse.

GDP, UK regions and countries from 2015(Qtr2) to March 2019

It is vital that any incoming government works to fundamentally re-balance the UK economy. This includes an end to austerity and a restoration of the principle that public services are an input to economic success and a national investment bank.  For this we will require a wholesale regeneration and devolution rethink.

For more on CLES’ work in this area, see CLES on…regeneration and CLES on…devolution.

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