Economy of Manchester

the downturn experienced in 2008-10, Manchester compares favourably to other geographies according to the latest figures. In 2012 it is showed the strongest annual growth in business stock (5%) of all the Core Cities. The city experienced a relatively sharp increase in the number of business deaths, the largest increase of all the Core Cities, however this was offset by strong growth in new businesses which resulted in a strong net growth.

Manchester's civic leadership has a reputation for business acumen. It owns two of the country's four busiest airports and uses its earnings to fund local projects. Meanwhile KPMG's competitive alternative report found that in 2012 Manchester had the 9th lowest tax cost of any industrialised city in the world, and fiscal devolution has come earlier to Manchester than to any other British city: it can keep half the extra taxes it gets from transport investment.

KPMG's competitive alternative report also found that Manchester was Europe's most affordable city featured, ranking slightly better than Dutch cities, Rotterdam and Amsterdam, who all have a cost of living index less than 95.

Manchester is a city of contrast, where some of the country's most deprived and most affluent neighbourhoods can be found. According to the 2010 Indices of Multiple Deprivation Manchester is the 4th most deprived local authority in the England. Unemployment throughout 2012-13 averaged 11.9%, which was above the national average, but lower than some of the country's other comparable large cities. On the other hand, Greater Manchester is home to more multi-millionaires than anywhere outside London, with the City of Manchester taking up most of the tally. In 2013 Manchester was ranked 6th in the UK for quality of life, according to a rating of the UK's 12 largest cities.

Women fare better in Manchester than the rest of the country in terms of equal pay to men. The per hours worked gender pay