Wide Gap Between Economies in Cities Now Apparent

Posted on Jan 23, 2012 in Finance News



Wide Gap Between Economies in Cities Now ApparentThere has been a big difference in economic performances in various cities and towns in the United Kingdom according to a report presented by the Centre for Cities.

In Cambridge and Hull, the number of people getting their Jobseeker’s Allowance has gone up to almost double the figure since the beginning of the year 2008, which is from 3.2 percent to 6.1 percent. In Rochdale, there are about six times as much as those people claiming their unemployed benefits in Cambridge. Cambridge has a rate of 5 percent, while Rochdale has 30.3 percent.

According to the research group, the efforts of the private sector in trying to provide more jobs for the people were “playing out very differently across UK cities.”

Doncaster, Hull and Newport have been described as towns and cities that have private sectors that are less active and less dynamic compared to others. These towns and cities may not contribute much to the effort of the whole country in strengthening the national economy and avoid contraction within the public and private sectors’ economies.

Meanwhile, towns and cities such as Edinburgh and London have private sectors that are highly dynamic and have a population that have “knowledge workers” that can contribute much to the advancement of key fields such as law, accountancy and finance.

Other areas such as Milton Keynes and Aberdeen are marked as cities and towns that are bound to push the national economic recovery further due to the number of businesses that are characterized as highly innovative and promising.