If current trends continue, the TUC expects to see as much as 40% of the UK’s GDP (gross domestic product) consumed by its two most affluent areas by the year 2022.
This is based on findings that include the fact that London and the south-east’s share of the UK’s financial activity has risen from a third in 1997 to 37.7% by 2015.
Conversely, the TUC say that this would result in relative decline for other regions in the country, including Yorkshire and Humberside, the north-west and Scotland.
However, areas such as the West, the east Midlands and the east of England could expect to see small increases to their share of GDP, the TUC predicts. They are calling on the next government to act to readdress these imbalances.
Quoted in The Guardian, the TUC general secretary, Frances O’Grady, said, “This analysis shows that, with London and the south-east dominating economic growth, too many people are missing out on the chance of a decent job just because of where they live.
“That’s not sustainable, and it’s why more than ever we need an industrial strategy that delivers good jobs where they’re needed most.
“Britain needs great jobs – and all the political parties must explain in their manifestos how they will deliver growth in every corner of the country, not just the capital.”