London leading Britain’s GDP growth comeback

 
Tim Wallace
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EVERY region in the UK is growing strongly, with London the driving force, an influential survey published by Lloyds shows today.

Sustained growth across the country is driven by rising demand as consumers order more output from businesses.

And as a result, the study found firms are hiring more staff which should in turn support the burgeoning economic recovery.

The capital is the fastest growing region in England, the study shows, with only Wales across the rest of the UK growing more quickly.

London’s purchasing managers’ score (PMI) held steady at 59.5 – a strong result, as any score of above 50 indicates growth.

Wales’ score jumped from 59.2 in February to 60.5 in March, its strongest result in 13 years.

However, the south east’s growth slowed down in the month – its PMI dipped from 60 to 58.

The lowest growth came in the north west. The region’s PMI score dipped from 57 in February to 56.1 in March, indicating a slowdown in the area’s growth.

That matched the country overall, as the UK’s PMI score slid from 58.2 to 57.6.

Despite the slowdown, economists stressed a score of 57.6 still represents strong growth.

“A strong rise in new orders and lower input costs appears to be supporting job creation and investment in the private sector,” said Tim Hinton from Lloyds’ Banking Group.

“This ongoing trend is helping build capacity and, in turn, hopefully contributing to further growth.”