Milton Keynes performs above UK average on over half of economic indicators

Milton Keynes has secured 13th place out of 50 in this year’s PwC’s Good Growth for Cities Index, achieving above the UK average scores for over half of the report’s indicators.

The Demos-PwC Good Growth for Cities Index ranks 50 of the UK’s largest cities (generally considered those with populations of at least 350,000 people), plus the London boroughs as a whole, based on the public’s assessment of 12 economic measures, including jobs, health, income, safety and skills, as well as work-life balance, housing, travel-to-work times, income equality, high street shops, environment and business startups. New analysis shows that Milton Keynes scores above the UK average on jobs, income, health, new business, owner-occupation rates, skills in the over 25s, the environment and safety. Areas highlighted for improvement include work-life balance, affordability of housing and high streets.

However, of the 12 regions included within the analysis, the wider South East region is expected to have the third lowest rate of economic growth in both 2023 and 2024. This growth is notably weaker than the UK average and economic activity in the region is expected to shrink by 0.19% in 2023 and grow by 0.75% in 2024, compared to the UK average of positive 0.05% growth in 2023 and 0.99% in 2024. 

This comparatively low level of growth is largely driven by contractions in economic growth in key cities, such as Portsmouth and Brighton. Of the 50 UK cities included within the analysis, these cities are ranked 39th and 48th respectively for economic growth in both 2023 and 2024. All eight cities in the region are anticipated to have negative economic growth in 2023. 

Low levels of economic growth are driven by notable economic activity within industries predicted to struggle for growth in the coming year, including real estate, and professional, scientific and technical activities.

Mark Foster, Market Senior Partner for PwC Milton Keynes, said:

“It’s pleasing to see Milton Keynes coming in at 13th out of 50 UK cities in this year’s Index. Aligned with the government’s levelling-up agenda, local government, employers and leaders all have a part to play in providing opportunities for people to grow their businesses, careers and skills right across the region. 

“The report highlights some areas in which the South East performs behind the UK average, including housing and transport, as well as a predicted weaker economic growth. This should be used as a map of opportunity, showing where continued support can have a real impact on improving aspects identified by the public as priorities.

“PwC is continually investing in the South East, using our convening power to bring together businesses and government to make positive changes for the region. Working collaboratively and focussing on some key areas for growth, such as the skills agenda, will lead to improvement across the board for the region.”