Wednesday 10 May 2006

 

Newcastle named among UK's best cities

Newcastle has the potential to be the UK’s next powerhouse of creativity, investment and economic growth, according to a new independent study. Research from The Work Foundation suggests that the North East city is fast catching up to 'ideopolises' London and Edinburgh as one of the top cities in the UK to live, work and invest. Ideopolises are described as sustainable knowledge cities that drive economic success in the wider city-regions. In the report, the Foundation identifies Bristol, Manchester, Glasgow and Newcastle as being among the cities that are adapting to the demands of the knowledge economy.

Chris Pywell, Head of Innovation, Industry and Science at One NorthEast said: “It is fantastic news that the continued development of the North East knowledge economy has been recognised in this way. The Agency's substantial investment in the Centres of Excellence and the emergence of Science City can only further increase our knowledge-based potential. 'It highlights Newcastle, but this reflects on all of North East England.'

Key to the success of an Ideopolis is 'knowledge intensity' - the number of knowledge industries and knowledge workers within a city and its surrounding region. There is a huge boost to both economic growth and prosperity if 25% of organisations in a city are 'knowledge businesses'. In the North East, the creation of a knowledge economy is being helped by initiatives including the five centres of excellence and the Science City programme, which will become the focus of activity for the next 10 years. It is hoped the £550m project will create up to 15,000 jobs over the next decade as researchers and companies come together to exploit commercial opportunities in applied science such as stem cells, ageing, health, energy and molecular engineering.

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