OXFORD’s technology sector helped it into second place behind London in a ranking of UK cities by total ecomomic output, according to a new study.

The city is also the fourth fastest-growing – behind Milton Keynes, Cambridge and Reading, according to the latest UK Powerhouse report.

Produced by law firm Irwin Mitchell and the Centre for Economics and Business Research, it estimates growth and job creation across 45 cities.

Oxford’s output was valued at £498m and its economy £8.3bn, a rise of 2.2 per cent in the 12 months to the end of June.

The Future Powerhouse for Technology Autumn 2017 study also reported Oxford’s technology sector expanded by 17 per cent between 2012 and 2015, compared to the national average of 14 per cent.