Cambridge has been named as the UK’s “fastest-growing city economy for next decade”.
Findings published by the Centre for Economics and Business Research (CEBR) and law firm Irwin Mitchell said financial output rose 2.9 per cent in the year to March, with the city’s technology sector propelling it ahead of Milton Keynes.
The city also “drew strength” from its highly skilled workforce which contributed to the growth, said the report which assessed economic growth and job creation in 45 British cities.
While the UK economy as a whole slowed, in the first three months of the year Cambridge companies added over £9 billion to the UK output, placing it ahead of Milton Keynes (2.8 per cent) in second place and Oxford third place (2.5 per cent).
The university city boasts more patent publications than any other and 80 per cent of its start-ups are still in business after three years.
The report states: “The city continues to draw strength from a skilled workforce. Cambridge is home to a range of highly productive industries, including advanced engineering, design and pharmaceuticals, with Astra Zeneca soon to complete its new £330 million global research HQ. Cambridge’s tech and venture capital cluster houses over 1,000 high-tech companies and typifies the city’s flourishing business culture.”
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