News / Business
Bristol’s economy is flourishing, but prosperity is not shared among all
Business is booming in Bristol – a city that has been named the fastest growing nationally in a recent report on business success.
But while the economy flourishes, the gap between rich and poor is widening and the challenge of redistributing wealth and ensuring there are opportunities from all background remains a pressing concern.
Recent analysis from accountancy firm EY predicts that Bristol will grow by 2.3 per cent each year until 2020, and a report by Lloyds Bank names it as the fastest growing city, with universities and thriving digital sector credited for large chunks of its success.
On top of this, the South West as a region is now outperforming the rest of the country, with an employment rate of 79.4 per cent, higher even than London and the South East, according to the latest Office for National Statistics (ONS) figures.
Yet, despite the city’s economic strengths, inequality is rife and the need to address economic disparity is a matter taxing the city’s leaders.
ACH, an Easton-based social enterprise, launched 10 years ago and has grown to become a leading provider of resettlement and integration services for refugees in the UK, with 60 employees.
The organisation works with Bristol businesses to help them recruit talent from local communities they previously struggled to access.
CEO Fuad Mahamed has welcomed the recognition of the city’s success, but believes there is more to be done to improve prospects for all.
“Bristol remains a growing, prosperous economy, although it is not an inclusive city, and this prosperity is not shared across its residents,” he said.
“The prosperous economy and good local universities help it attract and retain top talent, and there is a wealth of world-class business support available from organisations, including Engine Shed and SETsquared Bristol.
“There remains a challenge to finding the right office space. It’s a small city and competition for this can be intense.
“Some sectors also struggle to access the talent of Bristol’s diverse local communities, although we are aiming to change this, with our #rethinkingrefugee campaign focusing on getting employers to reflect local diversity to improve their own sustainability.”
The drive to address existing inequality lies at the heart of Bristol City Council’s catchily-titled inclusive and sustainable economic growth strategy (I&SEGS), and it is hoped that with a combined city-wide drive, existing disparities can be addressed.
Commenting on the latest ONS data, Matt Griffith, director of policy for Business West, says the region’s strong employment market is “good news for most households”.
“Even against very strong national figures, the South West is the stand out region for highest levels of employment,” he said. “We are now above the levels of employment seen before the financial crisis and have employment higher than at any time since they started collecting this data in 1971.
“Given the strength of jobs growth, it is important the region also plans to put in place the homes and transport infrastructure to sustain the underlying economy. We have a history of underestimating our jobs growth potential, and this has fed through to lower housing numbers than we actually need.”
Bristol is now firmly on the map as a thriving business hub, according to Sarah Austin, brand director of The Lloyds Bank National Business Awards. And while challenges remain, it is also in a position to make some lasting changes to improve prospects for all.
Read more: While Bristol’s economy booms, the gap between rich and poor widens
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