The West of England’s economy is forecast to grow faster over the next five years than any other part of the UK outside London, according to two new reports.
The region, along with South Wales, will achieve economic expansion of 1.4% a year between now and 2029, according to the analysis commissioned by the Western Gateway, the partnership covering the ‘super-region’ stretching from Swindon to Swansea via Bath. 
The growth will be triggered by the area’s skilled workforce and its world-leading businesses in forward-looking sectors such as cyber, green energy, aerospace, creative and fintech.
Other growth factors include being a major exporting economy – again outperforming other parts of the UK – while it also produces more than 6% of the UK’s total energy capacity.
Despite this, the reports also highlight a “massive” underinvest in the region, with its businesses missing out on between £3m-£9m each in private sector investment every year on average when compared to other parts of the UK.
The reports, carried out by Hardisty Jones Associates & Oxford Economics and EY, have provided the Western Gateway with an up-to-date account of the area’s economic strengths as part of its work to create a plan for sustainable growth.
The plan will be launched at the 2024 Convention for the Western Gateway on 17 October. 
Western Gateway chair Sarah Williams-Gardener, pictured, said the partnership had a strong story to tell when it came to its potential to deliver for the UK, despite significant underinvestment.
“Our cross-party group of leaders is ready to work with our colleagues across the nation alongside business and our great universities to become the drivers for our future economy playing our part in helping the UK deliver on its new National Mission for Growth.”
The organisation’s vice-chair Cllr Mark Hawthorne, who is also leader of Gloucestershire County Council, added: “These reports help to show the scale of the opportunity we have within our communities to drive many of the UK’s future industries, but also highlight the challenges we need to work together on, in order to overcome them.
“We want to decarbonise at pace, create new opportunities for our communities and improve access for those at risk of being left behind.”
The UK’s first partnership to bring together a coalition of cross-party leaders from across two countries, the Western Gateway was launched nearly five years ago to unleash the potential of the West of England and South Wales and secure similar economic benefits to those gained by the Northern Powerhouse and the Midlands Engine.
It is working with businesses and academia alongside 28 local authorities and two governments from across South Wales and Western England to create economic growth and reach net zero.
Since its launch it has spearheaded a vision for a better rail network, created the UK’s first hydrogen ecosystem, brought in investment into nuclear and launched an independent commission to explore the potential for a world-leading tidal project in the Severn Estuary.
