Cambridge has continued to experience the fastest economic growth of any city within the United Kingdom at the end of 2017, according to a new report. The report, which predicts big things for Cambridge, also highlights Oxford and Milton Keynes as two places to watch over the next decade as the OxMkCam Arc Corridor continues to build momentum.

The corridor is set to be the focus of our Oxford Cambridge Corridor Economic Growth Conference in June – an event supported by the National Infrastructure Commission, England’s Economic Heartland and many more.

The suggests Cambridge’s economy grew by 2.0% in the final quarter of 2017, a result which means it finished top of the UK Powerhouse league table for the third time in the calendar year. Our Cambridgeshire & Peterborough Economic Growth Conference at the end of last year heard about what was driving growth – and devolution and collaboration were key attributors to the growth drive in Cambridge.

Oxford was also found to be booming in comparison to other areas around the UK – having the third fastest growing economy across the same period with year-on-year GVA growth rate of 1.7%, whilst Milton Keynes was slightly behind with 1.3%.

The report looks ahead at the years to come and predicts these locations are set to dominate the report in the years ahead. The ARC Corridor is central to that as the improved connectivity proposed for the area will not see developments increase, new homes built and more jobs created.

Milton Keynes may not be seeing growth as quickly as Cambridge and Oxford currently, but it is predicted to take the spot for GVA Growth in 2028, whilst each area is also expected to enjoy healthy employment growth and be among the top 20 by the end of 2028.

Victoria Brackett, CEO of Irwin Mitchell’s Business Legal Services division, said: ”The latest figures clearly show that the so-called corridor of these three cities is expected to enjoy impressive levels of growth in both the near and long-term future. The reasons behind Cambridge’s persistent high growth are thought to include its university’s continued work to support innovation in the city, as well as how its close proximity to London means businesses can build their operations in the area while still having easy access to the capital. Furthermore, Milton Keynes benefits from its central position in the corridor and is also known to have had the fourth highest weekly workplace earnings of any city in the UK last year – something which will no doubt draw many people to the area.

We’re delighted to be at the forefront of the corridor – with our day long Oxford Cambridge Corridor Economic Growth Conference set to take place in June. And we’ll be hosted our second Cambridgeshire and Peterborough Economic Growth Conference in December.