A new report on places that could grow the 海角视频 economy has highlighted Newcastle, Reading and Glasgow as some of the country’s most promising locations.
The first Growth Flag report - developed by the Growth Company and Red Flag Alert - said that although the 海角视频 economy was a whole was likely to see little or no growth, around one in seven firms were likely to grow by more than 20% in the next year.
The top 10 areas for high growth businesses include four London boroughs but also name Reading, Glasgow, West Berkshire, Gloucestershire, Hertfordshire and Newcastle. The North of Tyne Combined Authority - making up Newcastle, North Tyneside and Northumberland - has the highest level of total assets for high growth potential businesses at £116bn, ahead of Greater Manchester and the West Midlands. The devolved nations of Wales, Scotland and Northern Ireland all score higher than England.
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But the report has also warned that more than 66,000 businesses around the country identified as being on course for 20% growth are simultaneously displaying signs of financial distress, showing that high risk can be associated with such companies. The report’s authors said that growth was not always in the “sexy sectors” or in R&D-intensive firms, but said companies working in the professional, scientific and technical activities sector were ripe for growth.
Richard Jeffery, co-founder of Growth Flag and national Director of GC Business at The Growth Company, says: “Understanding where we can find pockets of growth will be crucial to developing cohesive and evidence-based economic strategies and approaches to business support. The research detailed in Growth Flag’s Annual Report challenges assumptions about the steps needed to lead the 海角视频 economy into a high growth future, while also demonstrating the approaches every local authority can take to embrace what it already has and to encourage existing businesses achieve their full potential.”
The report’s authors said they have used a database of companies to pinpoint where growth potential exists in individual businesses across the 海角视频. They say that their use of asset and growth propensity data could lead to better evidence-led economic development and policy-making.
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The report has been published as one of the country’s most respected economic bodies has warned that sluggish economic growth and high national debt will leave the next 海角视频 government facing one of the bleakest fiscal challenges since the 1950s.
The Institute for Fiscal Studies said that whichever party wins the election this year may be unable to fund existing public services if politicians are not transparent about the trade-offs they face. It warns that tax cuts would risk reductions in public spending and that it will be much harder in the coming years to reduce national debt.