Report boosts hopes for Reading's economic recovery
Last updated 22nd Jan 2021
A new report by PWC/Demos, Good Growth for Cities 2020, highlights the factors that have provided some degree of resilience in Reading to the worst economic impacts of the global pandemic and assesses Reading as well placed to recover more quickly than many other UK cities.
The report ranks Reading second only to Oxford among UK cities in economic readiness to withstand the major economic shock generated by the pandemic. The report’s analysis shows that Reading, along with the economies of other cities that performed well in Good Growth terms in the two years before COVID (2017-19), has been relatively less impacted by the pandemic.
While Reading ranked 10th for the economy least impacted by COVID in the UK, its overall ranking of 2nd in the Index demonstrates its success in recent years in creating jobs, high incomes, good quality of life/health, high levels of skills in the workforce and strong levels of business creation.
The Good Growth report makes the assessment that the biggest hurdles to economic recovery are in areas with young populations, more ethnic diversity and low-income groups. It identifies an important role for local leaders in developing interventions that will help match these people to skills training and job opportunities.
Nigel Horton-Baker, Executive Director, Reading UK, said:
“In Reading, as everywhere, COVID is taking its toll on people's lives and the resulting economic restrictions affects the ability of businesses to operate normally. However, there are good reasons for optimism about the future. The Good Growth report identifies the strength and diversity of the Reading economy which has allowed it to bounce back from previous crises quickly and which will help it get back on track again quickly post-COVID.
“The Index also reports that capital investment remains plentiful but paused, unlike in the last global financial crisis. In Reading, we have seen new investment and new businesses moving in during the pandemic in a huge vote of confidence for the quality of our economy, the skills of our workforce and our future economic well-being.”
The report has been published at https://www.pwc.co.uk/government-public-sector/good-growth/assets/pdf/good-growth-for-cities-jan-2021.pdf