Feb 04, 2023 Last Updated 00:25 AM EST

News

Feelgood Leicester boosting hopes on rebalancing UK economy

Feb 19, 2016 10:14 AM EST

The premier League of football is bringing cheer to Leicester city, while renewing the hopes on rebalancing the UK economy. The success of football club is expected to boost the image of the Leicester city. Economists suggest that East Midlands need to prosper for rebalancing Britain's economy. 

Peter Soulsby, the Leicester's mayor is upbeat on the event as high-flyers and resilient economy adding to growing buzz in city. Within the span of 12 months, after the publicity over Richard III's reburial in Leicester Catherdral, the unfashionable football club is bringing back the thunder activity to the city. The Foxes were down with relegation during the last season. 

Financial Times reports that with the three quarters of football event season completing, Leicester City is topping the Premier League. The cost of entire team is barely one-third of a star player. Leicester is not a city that attracts frequent visits of UK policy makers. The city will eventually come out of the sluggishness and gain more confidence.

Peter Soulsby said: "Last season, the Foxes were fighting relegation. Now, with three-quarters of the season gone, Leicester City is top of the Premier League, with a team that cost less than a third of its richer and more glamorous rivals."

The geographical location of Leicester city is deep down south far off the UK government's northern powerhouse project. The burgeoning activity in form of football event, Leicester city is reassuring the resilient recovery in the UK economy. The UK government needs to focus on south east and east midlands for supporting the economic activity.

BBC reports that UK growth is forecast at 2.1 percent less than the previous prediction of 2.4 percent made in November 2015. The interest rates in several countries have been reduced to boost economic activity including the UK. The interest rate is at record low in the UK. The Organization for Economic Co-operation and Development (OECD) has called for an urgent action needed to boost the sluggish global growth.

During 2009-2014, the Leicester city's gross value including services and manufacturing activity rose 22 percent. This was higher than the UK's national average of GDP growth rate. The unemployment rate is also very low for over a decade. The regional surveys highlight the potential of economy development in East Midlands. The growth rate in East Midlands is second fastest rate when compared with England and Wales. 

Meanwhile, the mass migration into the UK is turning out to be a positive factor for the Britain economy. The migration of workers from other European nations into the UK rose over two million during the past six months. Instead of grabbing British jobs, the EU migrants are adding to the growth of UK economy and making it a jobs factory of Europe, according to The Guardian.

Chris Hobson, Director of Policy at the East Midlands Chamber of Commerce, said: "The area is under the radar. We don't sell ourselves well." Leicester City's economy for most of the 20th century was dependent on textile industry. The textile industry was flourishing in such a way that the city became popular for clothes and known as 'Leicester clothes the world.'

Latest Stories

Must Read

Real Time Analytics