Milton Keynes’ economy is on course to be £226m larger by the end of 2017 than it was in the three months after the EU referendum result, according to a new study by law firm Irwin Mitchell.
The UK Powerhouse report predicts that the value of goods and services produced in Milton Keynes will grow by 1.2 per cent during 2017 despite the challenges of Brexit uncertainty, rising inflation and falling investment by businesses.
The report forecasts that by the end of 2017, the value of the Milton Keynes’ economy will be £10.9bn - £226m more than it was in the three months following the Brexit vote.
The economy in Milton Keynes will be the third fastest growing in 2017 with Cambridge and Oxford moving into first and second place.
Vicky Brackett, CEO of business legal services at Irwin Mitchell, said: “I’m pleased to say that many cities experienced robust growth in the three months following the referendum result but we expect the continually unfolding political events to have widespread effects upon the UK and its cities over the next 12 months.
“Challenges bring opportunities and although the economic landscape will get tougher, we believe there is huge potential to help businesses unlock the potential that the UK regions offer.
“UK firms have been incredibly resilient in 2016 and if businesses and governments work collaboratively and we focus on the right areas, I think a huge amount can be achieved to raise productivity levels across the UK.”
To download a copy of the report, visit www.irwinmitchell.com/ukpowerhouse