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[MOU1] 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 (pictured), investment director, Locate in Kent, added: “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, and 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% 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 here.
