Economic Growth: North West

Treasury written question – answered at on 20 May 2024.

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Photo of Damien Moore Damien Moore Conservative, Southport

To ask the Chancellor of the Exchequer, with reference to the Office for National Statistics' report entitled GDP first quarterly estimate, UK: January to March 2024, published on 10 May 2024, what assessment he has made of the potential impact of the growth figures in that report on towns and cities in the North West.

Photo of Gareth Davies Gareth Davies The Exchequer Secretary

The economy has performed better than expected in the face of unprecedented shocks, and the plan is working. The economy grew by 0.6% in the first quarter of 2024, the fastest quarterly growth rate in over two years, and growth is forecast to pick up both this year and next.

Subnational GDP figures over the same period are not yet available therefore no assessment has been made of the latest UK GDP growth figure on towns and cities in the North West.

The North West continues to benefit from over £15bn of local growth funding announced since 2019, including over £52m going to the Liverpool City Region through the UK Shared Prosperity Fund.

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