7 January, 2016

East Anglian region witnesses rapid growth

Recently released data by the Office of National Statistics (ONS) reveal that the economy in East Anglia is expanding at its fastest rate since 2010. The economies of both Norfolk and Suffolk grew at a combined rate of 4.1pc last year which is above the national average (excluding London) of 4.0pc.

These regions are also well ahead of the levels achieved by city regions such as Birmingham, Sheffield and Manchester and means that the economy of the two counties is now worth 33.9bn a year to the UK economy, representing 2.5pc of national output. There was also an increase of 1.8pc in total wages paid by employers which is on par with the non-London UK average.

Norfolk and Suffolk witnessed strong growth amongst several sectors including Business services (7.8pc), IT and communications (6.8pc) and real estate (6.7pc).

Jo Pyman, Director and Business Advisor of leading UK said “The recently released figures are reflective of the work we have undertaken over the last year with new businesses in the region. Confidence appears to be high and many entrepreneurs have taken the plunge to set up their own business. To date, we have provided a wide range of support to help new business owners get their startup off the ground and we are delighted to witness this trend continuing in early 2016”.

If you are thinking about setting up your own business, get in touch today to find out how we can help.