Reading has been named among the fastest-growing economies by the end of 2023, new research has suggested.

The Government report, produced by the Centre for Economics and Business Research, revealed that most of the top 10 fastest growing city economies by the end of next year will be in the South or East of England. 

More needs to be done to help local economies in other parts of the UK for the government's levelling up agenda to take off, according to a report.

London and the South East dominate due to the high level of foreign direct investment compared to the economic outcomes of the North of England, law firm Irwin Mitchell said.

Reading Chronicle: Reading. Credit: Google ImagesReading. Credit: Google Images

The report, which studied 50 locations, revealed that over half of the slowest growing economies are expected to be in the North of England.

The fastest-growing city in the North by the end of next year was Warrington, but it only reached 20th place.

Here are the top 10 fastest growing city economies in the UK and where Reading ranked.

Top 10 fastest growing city economies in the UK by the end of 2023

  1. Milton Keynes
  2. Peterborough
  3. Reading
  4. Oxford
  5. Brighton
  6. Inner London
  7. Birmingham
  8. Edinburgh
  9. Southampton
  10. Swindon

Coming in third place, Reading ranks just below Milton Keynes and Peterborough on the list and is also named alongside Oxford, Brighton and Edinburgh.

The report also revealed the slowest growing cities on the other side of the scale.

Aberdeen, Wolverhampton, Belfast, Hull and Plymouth are all featured and are also home to declining industries.

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Bryan Bletso of Irwin Mitchell said: “The whole of the UK has a lot to offer and the regions which benefit most from investment from abroad are likely to see more growth and job creation in the coming years.”

Josie Dent, of the Cebr and one of the report’s authors, said: “The economy is still expected to face some turbulence between now and the end of next year, notably through volatility in commodity prices, supply chain pressures, and the emerging cost-of-living crisis domestically.

“This report highlights that much of the fastest growth during next year will be concentrated in the South. Locations such as Milton Keyes, Cambridge and Oxford have economies which are dominated by fast-growth sectors and they have also been hotspots for overseas investment.

“If economic levelling up is to be tackled effectively, these two issues must be recognised and quickly addressed.”