Economy:
The region's economy is one of the strongest in the country and improving all the time. According to the Regional Development Agency, the East of England has a GDP of approximately £73 billion. Figures from the Office for National Statistics show that, between 1996 and 2001, the ILO unemployment rate in the region fell from 6.3 per cent to 3.7 per cent, while the claimant count fell from 6 per cent to 2.1 per cent. Both these figures are well below the ILO unemployment rate and claimant count rate for the UK as a whole for 2001, at 4.9 per cent and 3.2 per cent respectively. At the beginning of 2003, the East of England was 3rd out of the 11 regions in the UK in terms of economic performance and 28th out of the 77 regions in Europe. The Regional Development Agency is meeting its targets for new business start ups and the East of England has the largest concentration of new and growing businesses in the country. According to new figures published by the DTI in February 2003, some 103 businesses were created in the six months between April and September 2002.

There are a number of industries in operation across a variety of key sectors. Industries such as the automotive industry, banking and insurance, biotechnology, electrical engineering, hotels and catering, the film industry, food and drink, footwear, paper and paper products, printing and pharmaceuticals all have a significant role. The biotech sector is particularly well developed and the East of England has the largest cluster of life sciences companies and research in Europe.

Manufacturing employment in the region is largely concentrated in Luton, Dunstable, Basildon and Southend-on-Sea. Bedfordshire and Essex both have significant motor vehicle manufacturing industries and there is a large concentration of businesses engaged in R&D, hi-tech manufacturing and computer aided design in the science parks around Cambridge.

Local Infrastructure:
Generally, the East of England benefits from a well developed transport infrastructure, with much of the south of the region being closely tied to London and the South East via numerous road and rail networks. However, rural areas have limited access to public transport and are mainly serviced by single carriageways. This is especially true in the north east of the region. Furthermore, the regional development authority has identified the need for improved east-west links and more frequent transport links between the main towns and cities.

According to figures published by the Department for Transport for 2000, the East of England handles the least amount of aircraft traffic of any region in Great Britain, at just under 1 per cent of the total, catering for approximately 400,000 passengers and 200 tonnes of freight. However, the region is ideally placed, adjacent to London, and as such benefits from excellent air traffic links, via Luton, Stansted, Heathrow and Gatwick airports.

The region also benefits from several major ports along the East coast, which can be easily accessed via the extensive road network. These include Felixstowe, which is the 4th largest container port in Europe, Harwich and Lowestoft.

Local Workforce:
According to figures published by the Office for National Statistics for 2000-2001, the East of England has a labour force of 2,721,000 people and an employment rate that is 5 per cent above that of the UK, at 79.1 per cent. Approximately half of the working population are educated to at least A level standard, while just over 10 per cent have no qualifications at all. Figures from 2000-2001, in the Labour Force Survey published by Cambridgeshire County Council, show that Cambridgeshire county has the most highly qualified resident workforce in the region with 48 per cent having NVQ level 3 or above and 30 per cent having NVQ level 4 or above. Peterborough Unitary Authority has the lowest qualified residents in the region with only 31 per cent having NVQ level 3 or above and just 17 per cent having NVQ level 4 or above.

In the government's White Paper, 'Opportunities for the East of England', one in eight employers in the region reported skills gaps. However, East of England Development Agency has been working hard with partner organisations to develop the skills of the region's workforce and is on course to meet its annual targets. Measures being undertaken include, the establishment of new technology institutes and the creation of the Learning and Skills Council to provide a strong focus and coherent priorities for all learning after the age of 16 up to higher education.

Business Costs:
The cost of renting an office in the region is reasonable when compared with rest of the UK. For example, in a survey conducted by City University Business School and Actium Consult in 2001, the average combined office rental and rate cost in Cambridge was £316.95 per metre squared per annum, compared with £858.99 for the city of London, £439.92 for Edinburgh and £257.06 for Cardiff.

According to the New Earnings Survey 2001 published by the Office for National Statistics, wage costs in the East of England are just below the national average but are the third highest of any region in Great Britain, at £438.70 per week.