The top 10 economic areas in the UK
Research from chartered accountants UHY Hacker Young has shown that London's economic growth between 2008 and 2015 was double the national average.
The report analysed the average Gross Value Added (GVA) to the UK economy by areas across the UK, measuring the contributions of goods and services per capita.
Growth in the City over a seven year period from 2008 is shown to have undergone a 24% increase, a vastly more successful improvement than the national average of 12% GVA growth. Surrounding areas of London, including Westminster and Kensington & Chelsea, also outperformed the majority of the country.
Colin Jones, Partner at UHY Hacker Young, said in a statement: “When the [banking] crisis was at its height, many predicted a decline in the importance of the City’s economy, but instead it has proven to be resilient and still easily outpaces other major UK cities. Indeed, its growth is still primarily driven by its huge wholesale financial services industry.
“Along with its traditional strengths in investment banks and professional services firms, the City is now also host to more FinTech and non-traditional financial services industries. Over the past decade, London has become a key global hub for FinTech companies.
“However, it remains to be seen whether Brexit will prove to be the City’s next existential crisis as firms debate whether to relocate offices to other European cities such as Frankfurt and Paris.”
Edinburgh and Aberdeen were the only Scottish cities to make it into the top 10 while Belfast, which had the tenth highest GVA per head in 2005, failed to maintain a high enough performance in subsequent years.
Hounslow and Richmond-upon-Thames was a new entry onto the 2015 list.