London growing twice as fast as the rest of the UK
London has been a hub of growth and employment according to new figures which suggest the capital’s economy has been growing nearly twice as fast as the rest of the UK.
Figures from the Office for National Statistics (ONS), reported by londonlovesbusiness.com, suggest London has fared extremely well when it comes to employment. The number of jobs in London increase by over 250,000 while a number of the regions have suffered a declining, showcasing the recruiting power of the capital.
In addition, February’s employment numbers from the ONS showed that London’s employment rate has been growing at double the pace of the UK average of late.
In terms of the capital’s economy, London’s economy grew by 12.4 per cent over the last four years compared to a UK average of 6.5 per cent. Furthermore while the spread of growth across the UK varied between 2.3 per cent and 6.8 per cent for other UK regions, London’s share of the output ranged from 20.7 per cent to 21.9 per cent over the period, adds ons.gov.uk.
Overall, the growth of London has had a noticeable impact on the incomes of residents. The average household income per head in London is 30 per cent above the UK average, up from the 26 per cent average noted in 2006.