Financial Differences Unveiled in the Regions of Great Britain

In a significant development, the Economic Nowcast, a monthly update by Smart Data Foundry (SDF), has shed light on the financial resilience of individuals and small businesses across England, Scotland, and Wales. This open-source report, powered by data from NatWest Group and Sage, offers a unique perspective on shifts in economic wellbeing.

The Economic Nowcast includes data on three vital indicators: the percentage of people spending more than they earn, average weekly income, and small business productivity. According to the latest report, over 5 million adults in Britain spent more than they earned in July 2021, representing 10.6% of the British banking population of 54.4 million. In contrast, England, Scotland, and Wales showed slight differences, with 10.6% of people in England, 10.4% in Scotland, and 10.1% in Wales overspending.

Interestingly, Scots have the highest average weekly income, being £27.56 per week better off than their English counterparts. The average weekly income in Scotland is £358.70, in Wales it is £333.09, and in England it is £331.14.

The Economic Nowcast also reveals that across Great Britain, the average revenue generated per employee of small businesses in Q2 was £11,028, a 4.19% rise on Q1.

Dougie Robb, CEO of Smart Data Foundry, expects the Nowcast to serve as a valuable indicator of the impact of key factors such as recent interest rate cuts, changes to the energy price cap on consumers, and the effect of trade tariffs on small businesses.

In addition to the Economic Nowcast, SDF is planning to expand the reach of its Economic Wellbeing Explorer across Great Britain this Autumn. This interactive dashboard tracks economic resilience and wellbeing at national, regional, and local levels, and between age groups and income ranges.

Smart Data Foundry, established in 2022, aims to unlock the power of financial data to tackle big issues like poverty and inequality and create positive impact across society, the economy, and the environment. The company works with major financial institutions, the public sector, and charities to develop insights, inform solutions, and drive forward the data-for-good movement.

While the Economic Nowcast is a subsidiary of the University of Edinburgh, other key players in the Economic Nowcast landscape in the UK include S&P Global Market Intelligence, IHS Markit, the National Institute of Economic and Social Research (NIESR), the Bank of England, EY ITEM Club, PwC, Oxford Economics, and Capital Economics. Each of these institutions contributes to the understanding of the UK's economic landscape with their own Nowcasts and analyses.

For the most current Nowcast, we recommend visiting the platforms of the aforementioned institutions or specifying a particular date to receive the most up-to-date information.