Locate in Kent research suggests investment in kent could deliver £23 billion boost for the uk economy by 2050
Growing Kent & Medway partner, Locate in Kent, has set out opportunities for growth in Kent and Medway alongside the financial contribution future investment in the region could deliver for the UK economy over the next 25 years
Research by the University of Kent’s School of Economics, commissioned by Locate in Kent, suggests the Kent and Medway region can deliver a regional economic boost of £23 billion over the next 25 years to the UK economy, based on Gross Value Added (GVA).
GVA is an important measure of a region’s contribution to UK Gross Domestic Product (GDP), itself a key measure of national economic performance. The analysis is based on the creation of 249,430 new jobs and the delivery of more than 230,000 new homes across the Kent and Medway region by 2050.
The research is included within an Investment Prospectus for the region, titled: ‘Investing in Kent for future generations’ which delivers a compelling narrative of the continuing importance of the region to UK plc in both existing and emerging sectors, key to the national economy,
Dr Nikki Harrison, Growing Kent & Medway Programme Director, said: “This investment report from our partner ‘Locate in Kent’, highlights how critical the horticultural and food and drink sector is to regional prosperity.
“Growing Kent & Medway’s ‘place-based’ investment in science-led innovation for our sector is not only helping to create new jobs and bring new businesses to the region, but is ensuring our growers and food innovators are accessing the latest cutting-edge facilities, expertise and business support activities. This investment creates an exciting and dynamic food sector which is leading the way in developing new sustainable, innovative food solutions and products, supporting access to affordable and nutritious food which is vital for a healthy economy.”
The Locate in Kent report highlights how Kent has always, and continues to be, strategically important to the nation’s growth, including:
- Unlocking national growth to enable levelling up across the UK, especially through faster distribution and trade through Kent’s ports.
- Preventing cost of living crises through green energy production and producing more food in the UK all year round.
- Providing more manufacturing space for business onshoring or moving out of London
- Adding around one million square feet of science space to keep the UK a leading life science centre.
Simon Ryan, Investment Director, Locate in Kent, said: “Kent has been strategically important to the nation’s prosperity for generations and has the potential to unlock national growth further today – from faster distribution and trade through our ports to green energy and food production; from more manufacturing space for businesses onshoring or moving out of London to an additional one million Sq. Ft. of space for UK science.
“Analysis by the University of Kent suggests an investment in Kent yields a 13.8 percent larger contribution in GVA than a similar magnitude investment in other English counties, outside of London. That is why today, Kent is the UK’s South East Gateway, where investment brings prosperity for the whole country.”
Download your copy of Investing in Kent for future generations
12.10.2023Investing in Kent for future generations