East of England
The East of England maintains its place as the third-most prosperous region in the UK for the second year running.
|Household expenditure||£572 per week|
|Insolvency rates||17.3 per 10,000 population|
The East of England remains the UK’s most affluent region outside London and the South East, with Cambridge being the UK’s third most prosperous city.
Despite uncertainty in the wider economic and political landscape over the last year, the East of England has seen positive growth in almost all macroeconomic indicators. The region has moved up two places to sixth place in the ranking of average earnings, at £24,913. GDP per capita has grown 1.7% to reach £23,970, the third-highest in the country – only London and the South East have higher GDP.
Household expenditure presents a similar picture relative to the rest of the UK: the region is in third place, having grown by 5.8% from 2016, to £572 per week. House prices have grown by 7% year-on-year to £285,996, behind London (£502,787) and the South East (£335,523).
It’s also a positive story for businesses in the region – the East of England has the fourth highest business birth-to-death ratio in the UK, at 1.48 – 0.11% up on the previous year. The region has the country’s lowest unemployment rate, at 3.8%.
The East of England has seen stronger growth in the number of millionaires than the rest of the UK – millionaire numbers in the region increased by 9.3%, up from 75,000 to 82,000, compared to a national growth rate year-on-year of 7.6%. Of the UK’s millionaires, 13.1% live in the region.