POWYS is considered to be among the strongest local economies in Wales and more likely to recover faster from Covid-19.

The strongest and weakest economies have been calculated throughout England and Wales, looking at where the economic recovery from the pandemic may be easier and which ones may find recovery harder.

Research from savings platform Raisin UK has placed Powys fourth in Wales, behind Denbighshire, Monmouthshire and Anglesey, with research based on factors such as the number of large businesses in the county, business survival rate, net growth of birth and death rates, rate of people in employment, amount of people receiving income support, average government spend per head and CPI Index.

Raisin say there is a 45.7 per cent five-year business survival rate in Powys. In 2015 there were 560 large businesses that called Powys home, but in 2019 those large businesses only grew by 0.89 per cent, taking the total up to 565 businesses. Powys has one of the lowest figures of residents claiming welfare, with just 4.3 per cent of residents here doing so.

Although Denbighshire has a worse business survival rate (42.5 per cent) compared to Powys, factors that place the county at number one include a 16.88 per cent increase in large businesses from 2015-19. And while more people also claim benefits (6.3 per cent) there than Powys, 76 per cent of the city and surrounding areas are employed.

In second place is Monmouthshire, where the five-year survival business rate stands at 45.5 per cent, just slightly lower than Powys. The area also saw a good increase in large businesses over four years (11.76 per cent) though, while only 3.8 per cent of residents claim welfare.

Anglesey is just ahead of Powys at number three, with the area enjoying a 48.7 per cent business survival rate and a 9.52 per cent increase in big business. Here, 5.2 per cent of population are said to be claiming welfare..

Powys is ahead of Cardiff in fifth place, with neighbouring county Ceredigion sixth, Rhondda Cynon Taf seventh and Gwynedd eighth.

The thriving medieval Gloucestershire market town of Tewkesbury comes out on top of all local economies in the UK. Of all its residents, 79.9 per cent are in work, while local businesses have seen a 10 per cent rise in growth since 2015.

Winchester, Hampshire, came second, with Bristol third. No areas of Wales appeared in the top 10 in the UK but all but two areas are said to be well placed to recover. At the other end of the scale, meanwhile, Torfaen found itself in the top 10 for weakest UK economies, given a total index score of 792.

Read the full study at https://www.raisin.co.uk/newsroom/articles/uk-strongest-local-economy/.