BRIGHTON’S economy is on course to be £91 million larger by the end of 2017 than it was in the three months after the EU referendum result.

That is according to a new study by law firm Irwin Mitchell.

The UK Powerhouse report predicts that the value of goods and services produced in Brighton will grow by 0.9 per cent during 2017 despite the challenges of Brexit uncertainty, rising inflation and falling investment by businesses.

Although Brighton’s economy is set to grow in 2017, it will be at a much slower rate than in the 12 months to quarter three period of 2016 when it posted annual growth of 2.4 per cent.

Vicky Brackett, CEO of business legal services at Irwin Mitchell, said: “I’m pleased to say that many cities experienced robust growth in the three months following the referendum result.

“But we expect the continually unfolding political events to have widespread effects upon the UK and its cities over the next 12 months.

“Challenges bring opportunities and although the economic landscape will get tougher, we believe there is huge potential to help businesses unlock the potential that the UK regions offer.

“UK firms have been incredibly resilient in 2016.

“If businesses and governments work collaboratively and we focus on the right areas, I think a huge amount can be achieved to raise productivity levels across the UK.”

Irwin Mitchell produced the report for the Centre for Economic and Business Research. Jack Coy, an economist at Cebr, said: “The delayed effects of Brexit have been in the pipeline for a while and there will be some difficult economic pressures in 2017.

“These are likely to be felt throughout cities across the UK, and threaten to slow growth in the short and medium term.

“For example, rising inflation under a sharply depreciated pound challenges profits for producers nationwide.

“With consumer spending also sapped by rising prices, and a labour market which has probably passed its peak, growth may slow across the country.

“Retail hubs may also see spending growth soften, while consumers rein in budgets.”

According to the report, Cambridge will have the fastest growing economy in 2017, taking over from Milton Keynes in the latest quarterly ranking. The economies of Swansea, Belfast and Middlesbrough are expected to expand at the slowest rate in 2017.

The study also revealed that not one of the top 10 fastest growing cities in 2017 will be in the Northern Powerhouse region.

To download a copy of the report, visit www. irwinmitchell.com/ukpower house.