London’s buoyant recovery is driving Britain’s economy forward, a study from RBS showed today.
Inner-east London was the fastest growing locality in the country last year, expanding by 5.2 per cent. Next up was Milton Keynes at 4.9 per cent, followed by Aberdeen at 4.8 per cent.
“Top of the class last year was London, driven by its massive professional services and information and communications technology sectors,” said RBS economist Rupert Seggins.
“It was not, however, a case of a north-south divide, as the north west and the east Midlands were the second and third fastest growing regional economies in 2014.”
Growth in the City and so-called Silicon Roundabout of financial technology firms near Old Street is set to grow as investment floods in and confidence keeps growing, the bank predicted.
Alongside the substantial growth in technology and media firms, RBS also recorded strong expansions in the leisure sectors, with an rise in restaurants and bars in London.
Even the slowest-growing regions recorded relatively strong growth.
The east of England came in slowest with GDP growth of 2.4 per cent, with the east Midlands and Yorkshire and Humber next at 2.5 per cent.