A Local Enterprise Partnerships (LEP) report into Gross Value Added (GVA), a measure of an area's contribution to the UK economy based on the value of the goods and services it produces per year, shows that the contribution of the Greater Thames Valley (GTV) to the UK economy "dwarfs" that of the powerhouses of Greater Manchester and Greater Birmingham combined.
The Greater Thames Valley, consisting of the Thames Valley Berkshire, Enterprise M3, Buckinghamshire Thames Valley, Solent, and Oxfordshire LEP areas, delivered £144,939 million GVA in 2015/2016, compared to the combined GVA figure for Greater Birmingham and Solihull and Greater Manchester of £99,176 million.
The key drivers supporting growth across the region are a highly-skilled, educated workforce, good international and local connectivity, excellent education and research assets, quality housing stock, high-growth economic hubs, as well as a strong digital sector.
Commenting on the findings, Chief Executive of the Berkshire Thames Valley LEP, Tim Smith MBE, says: "These results emphasise the importance of the Greater Thames Valley as an economic powerhouse, which has a significant impact on the health of the UK economy and punches above its weight when it comes to productivity."
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