Locate in Kent research suggests investment in Kent could deliver £23 billion boost for the UK economy by 2050
Locate in Kent today sets 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, This important document 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.
David Brooks-Wilson, Chairman, Locate in Kent, said: “Over the next 25 years, Kent and Medway can deliver some 249,000 jobs and over 230,000 new homes. Based on those figures, the region can deliver an additional Gross Added Value (GVA) of £23 billion over that period, as investment is made, and projects are delivered. That would represent a GDP uplift of 0.9% to England’s economy alone.
“Simply put, this document sets out the bright legacy for Kent’s future generations if we enable the investment that’s needed today, providing an important resource for the region’s decision makers as they seek policy and infrastructure funding support from Whitehall to unlock that future growth.”
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.”
Copies of the Investing in Kent for future generations document can be downloaded at: https://www.locateinkent.com/investing-in-kent-for-future-generations