Inward Investment

In July 24, we launched two reports showing that the economy of South Wales and Western England is likely to grow faster than any other part of the UK economy outside of London over the next five years. The reports, carried out by Hardisty Jones Associates & Oxford Economics and EY, gives an up-to-date account of our area’s economic strengths.

This is down to the Western Gateway’s skilled work force, world leading industry and high-tech business with strong sectors in cyber, green energy, aerospace, creative and fintech.

Despite this, companies in our area are missing out on between £3-9m in private sector investment per businesses per year on average, when compared to other parts of the UK.

Currently London receives nearly half of the total investment that goes into UK companies from other countries at 43%. Wales on the other hand receives only 2.9% whilst the South West of England receives 5%. Despite bringing in more investment than the rest of Wales and the South West of England put together, the Western Gateway still needs to attract a further £56bn to reach the UK average.

We are continuing our work with local businesses to understand how we can work together to find solutions for challenges we all face and believe we have the potential to channel more investment into our innovative communities. We are ready to work with our colleagues across the nation to become the drivers for our future economy and play our part in helping the UK deliver on its new National Mission for Growth.