• Wales records the biggest drop in unemployment in the UK, a new growth deal for Mid Wales announced but still no Welsh unicorns

    July, 2019
    Unemployment in Wales decreased by 11,000 to 60,000 between March and May, the decrease of 0.7% to 3.8% was the best in the UK. At 2.6% the South West of England had the lowest rate and at 5.6% the North East had the highest rate in the country. The UK unemployment rate stands at 3.8%. Welsh average property prices decreased by 1.4% to £159,428 during the month which reduced the annual growth rate to 3.0%. In comparison, UK prices increased by 0.1% to £229,431 during May which reduced the annual growth rate to 1.2%. A cross-border economic collaboration between south-east Wales and the west of England has been envisaged. Commissioned by Cardiff, Newport and Bristol councils, the 49 page report in to a ‘Great Western Powerhouse’ says an alliance could boost industry and enhance the regions profile. Echoing The Northern Powerhouse strategy the Great Western Powerhouse report reflects the trend towards greater regional devolution and the emergence of regional powerhouses in the UK. The report suggests a M4 powerhouse stretching from Swansea in the west to Swindon and Bath in the east, and as far north as Tewkesbury. There are already three established city regions but no overarching powerhouse concept for the...