“Cambridge is the UK’s most equal and innovative city”, the chief executive of Centre for Cities, Alexandra Jones, has said. She was reacting to an economic report recently published by the organisation, which gave details of 64 cities and showed that Cambridge is leading the national economic recovery.

Cambridge has the UK’s lowest unemployment rate. at just 1.4 per cent, and the greatest proportion of inhabitants with “high-level qualifications”, at 65.9 per cent. The city also recorded the third greatest increase in the national life satisfaction index, going up 4.6 per cent.

City Council leader, Liberal Democrat Tim Brick, hailed the news as a “glowing picture of Cambridge, confirming just what an incredibly successful city this is.”
However, Brick added that there was “no room for complacency as this level of success naturally brings its own challenges.”

The report highlights Cambridge’s soaring house prices, the third highest in the UK, at an average of £362,800. Although Cambridge workers are the sixth best paid nationally, wages decreased significantly in real terms.

“The city is facing rising house prices and is the third most unaffordable city to live in the UK […] tackling affordability must continue to be a priority for the years ahead”, said Jones.

Speaking to Cambridge News, Labour Councillor Lewis Herbert claimed that the city’s economic success was “only reaching a minority.”

He said: “There is no point being blinded by the good news. This demands a new plan of action...and an end to complacency.”

However, Cambridge MP Julian Huppert pointed to positive news: “Unemployment continues to fall month on month and more and more young people are finding jobs, which is extremely good news.”

“The Lib-Dem led Cambridge City Council has worked extremely hard to push through [a] deal which will give us the power to keep some of the taxes generated by the people of Cambridge for the benefit of residents and businesses here.”

Chief executive of Cambridge Enterprise, Dr Tony Raven, said: “Cambridge’s economic success is due to its world-class research base and its vibrant hi-tech cluster of more than 1,500 companies.

“The vast majority of these companies are connected to the university in some way: they are either founded or staffed by university graduates or academic staff, are based on university research, or work collaboratively with our academics.

“The university has an important role to play in supporting the continued economic growth of both the city and the UK as a whole by ensuring that the results of our research benefit society and the economy.”

The figures on falling wages and affordability come soon after King’s College students staged a protest over the 123 King’s workers paid below the living wage.