London is leading the pack in the UK’s broad-based economic recovery, new figures show.
The London economy grew by 3.7 per cent year-on-year, according to estimates by RBS published today. The professional, scientific and technical sector – which includes lawyers, accountants, consultants and engineers – fuelled the capital’s output growth but the administrative and support and IT sectors also helped.
Despite strong growth and declining unemployment, average earnings in London have declined.
The East Midland’s growth was second year-on-year with wholesale and retail trade and administrative and support services boosting business in the region.
All regions have now surpassed pre-recession levels in terms of economic output. London also lead the way on growth in the third quarter (July to September).
The next strongest third-quarter growth was seen in the East Midlands and then Yorkshire and the Humber, which both expanded by 0.7 per cent on the quarter.
The slowest growth was in the South West and West Midlands which both grew by 0.6 per cent.