Hull has the potential to have one of Yorkshire’s fastest growing economies over the coming years, according to the CBI.

The city was hailed as the region’s “star performer” in a report analysing regional productivity differences, why they exist and what more businesses and local and national government can do to tackle it and encourage growth.

Part of the report looked at the economic impact that could be achieved by 2024 if each local area improved at the same rate as the top performer of the region.

Hull was subsequently found to have a 43 per cent growth rate – the strongest in Yorkshire and the Humber.

Councillor Martin Mancey, portfolio holder for Energy City with responsibility for economic regeneration, said: “The report from the CBI is welcome news. This is a clear demonstration that our City Plan and investment strategy are starting to pay dividends.

“There has been a marked increase in the number of businesses in Hull, particularly on the previous year.

“The renewable, professional, scientific and technical, construction, plus the business administration and support service sectors, have been the strongest areas of growth. There is considerable interest in further investments in the city by national and global investment funds.