An in depth report by a national law film has identified Preston as the fourth fasted-growing economy in the whole of the UK, during 2021. The Irwin Mitchell report has stated that the economy has grown 8.5 per cent in Preston, during the last 12 months. This is significantly more than other economies around the UK, and is due in part to UCLan, as a successful and growing city employer with around 38,000 staff and students. This is bolstered by the multiple sites that BAE Systems has in the region, and the £350m contract to supply the US Navy with engineering and support services.

A partner at Irwin Mitchell, Hannah Clipston, has said:

“The UK’s economy has undergone significant change over the last two years, and this report highlights that the recovery is unlikely to be linear or even uniform.”

However, the report also states that during the next 12 months, Preston may slip down the list due to the uneven nature of economic growth, and the stalling employment figures in the local labour market. In fact, Preston’s overall employment is estimated to have fallen by 0.5 per cent on an annual basis in 2021. As a result, the economy is projected to grow just 2.5 per cent in the upcoming year ahead.

To maintain such a high level of economic growth, innovation is going to be key. Speaking on the matter, Hannah said:

“Businesses have been incredibly resilient over the last couple of years and have faced many disruptors including Covid, labour shortages, supply chain issues and high fuel costs. Our latest study recommends that irrespective of the sector they’re in, organisations should be adopting technology more quickly and adapting to the UK’s new status after Brexit. All of this will require a shift in approach and for innovation to be celebrated and nurtured more than it is currently. Businesses must be encouraged to follow this path and receive the right level of support to help them succeed.”

If you are planning to study, or are currently studying, in the booming city of Preston, you should get in touch with the team at Let Pads. Here, we provide top quality student accommodation. All of our properties are within short walking distance from the UCLAN buildings, as well as the city centre, and offer luxury and high end finishes. All bills are included, as well as WiFi. Why not get in touch today, to find out more?