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Peterborough Business Economy Update

Information on the Peterborough Business Economy April 2015

At a recent HSBC event OP Economic development presented an overview on the Peterborough and UK economy which I thought would be of interest

Element

 Value

UK Position

Number of businesses 20145315
Start ups per 10,00050.418th
Patents per 10,0006.46th
Average weekly wages£48025th
Gross weekly pay£469£520
Number of pupils with 5 GCSE (grades A to C)56.2%126th out of 152 (up from 144th)
No formal qualifications12.1%46th
UK’s largest city without a University
 Greater Peterborough Business Challenges
Availability of skilled workers33.9%
Price pressures from competitors33.9%
Price pressures from customers28.6

UK Economy Positives

  • UK Growth 2.5 – 2.8% 2013 projected 2.3 – 3.0% 2016
  • Inflation 0.3% 2015 projected 1.7% 2016
  • Low oil prices boosting the economy
  • Businesses are investing again
  • Real wages and consumer confidence up
  • Jobless total lowest since 2008 5.6%

UK Economy Risks

  • Productivity low
  • Under employment (1.3 million in part time work who want full time work)
  • Job rich pay poor
  • Consumer led recovery
  • Exporting down 4.5%
  • Challenge of the EU referendum
  • Only Portugal and Greece have lower paid employees

Peterborough Business Economy Update

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