Yorkshire ‘has slowest regional growth rate’

Picture: PA Wire
Picture: PA Wire
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YORKSHIRE has the slowest rate of growth among the UK regions, according to the RBS/NatWest Regional Growth Track analysis.

The region had year-on-year growth of 2.3 per cent over the first quarter, putting it significantly behind the 3.0 per cent enjoyed by the North West and North East.

RBS Economist, Rupert Seggins said: “It was a slower Q1 for the UK economy and this was reflected in our estimates of growth across its regions. The regions that did well this quarter were those with heavier reliance on sectors like wholesale and retail, leisure and ICT and those that we estimate as being more competitive than their regional peers.

“It was pleasing to see that both the North East and the North West were at the top of the table in Q1. Both regions managed to shake of a difficult quarter for financial services and saw other sectors pick up the slack. At a local area level, it was Inner East London that stood out from the pack, followed by Milton Keynes, Cambridgeshire, Derby and Herefordshire. And all have seen a fall in unemployment rates as a result, with the exception of Milton Keynes, where the rate of unemployment has been unchanged over the year.”