New findings have unveiled the towns and cities in the UK where disposable income has shown the most significant increase.
According to a recent report by the thinktank Centre for Cities, living standards have surged by 5.2% in 11 top-performing locations since 2013, surpassing the national average of 2.4%.
Brighton emerged as the leader with an 8.1% increase, followed by Worthing at 7.8% and London at 5.8%. The complete list of top performers is detailed below.
Collectively, these cities and towns saw a 27% economic growth between 2013 and 2023, outperforming the national average of 18.4%, leading to a total real-terms disposable income growth of 5.2%.
Researchers suggest that if all 63 major cities and towns in the UK had experienced the same disposable income growth rate as the top performers, residents would have gained an additional £3,200 on average in disposable income over the period.
In Cambridge, where real-terms disposable incomes dropped by 3% overall since 2013, residents could have had an extra £10,900 over the decade if the city had matched the top-performing areas.
For individuals in Wigan, witnessing a 1.6% decline in real-terms disposable incomes since 2013, the potential gain would have been £7,200.
Andrew Carter, the CEO of Centre for Cities, emphasized the importance of economic growth in boosting household incomes, highlighting that sustainable growth is essential for long-term improvements in living standards.
Carter pointed out that planning reforms, devolution initiatives, and the Industrial Strategy play pivotal roles in supporting growth in cities and enhancing living standards consistently.
He also emphasized the need for cities to create more job opportunities in emerging sectors like life sciences, digital technology, and artificial intelligence, as these industries not only benefit urban areas but also contribute to the overall economic prosperity.
Looking ahead, Carter echoed the Prime Minister’s call for political actions that drive job creation, wage growth, and economic development across various regions in the country.
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