Cambridge will be home to one of the UK’s fastest rates of employment growth by the end of 2022.
A business report by national law firm Irwin Mitchell, predicts that Cambridge, Oxford and Milton Keynes are set to boost output by £1.8bn over the next 12 months.
Cambridge will see employment levels grow the third fastest over the next year, increasing year-on-year by 2.5% and adding almost 3,700 new filled positions.
The report says that Cambridge’s economy is boosted by its university and surrounding array of services and research-based firms.
It predicts that these factors will provide Cambridge, together with Oxford and Milton Keynes, with a year-on-year GVA growth of 3.3% by the end of 2022. This will result in a total of £1.8bn being added to their combined economic output.
Hannah Clipston, partner at Irwin Mitchell, said: “The UK’s economy has undergone significant change over the last two years and this report highlights that the post pandemic recovery is unlikely to be linear or even uniform.”
Irwin Mitchell’s report also examines to what extent disruption in the economy leads to innovation.