Wednesday 20th June 2018
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Regional Economic News

Cambridge tech and professional services set to bolster region’s growth

The East of England economy is set to grow slightly faster than the national average over coming years in the light of the Chancellor’s Spring Statement, thanks partly to Cambridge’s thriving ICT and professional and financial services sectors, according to EY.

Commenting on the statement, Stuart Wilkinson, partner at EY in Cambridge, said: “Our research shows that in the East of England we are predicted to grow at an annual GVA growth rate of 1.7 per cent to 2020. With over 50 per cent of Cambridge’s growth in the next three years forecast to come from ICT and professional services, investment in these areas will be vital to maintaining this trajectory ….the more a region is exposed to ICT and professional and financial services, the faster the growth tends to be, as those sectors continue to drive the economy.”

The Office of Budget Responsibility forecasts with the Spring Statement predict a slowing in gdp growth from 1.7 per cent in 2017 to 1.3 per cent in 2020.

 

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