Prosperity growth in London has been adversely impacted by Brexit more than most regions in the UK, a new report shows.
According to Barclays Wealth and Investments' latest annual UK prosperity map, London has held its position as the UK's top spot for prosperity. However, the capital’s growth is slowing across a range of indicators measured by the study compared with the rest of the UK.
Each UK region and city was given a prosperity index score based on a number of factors including the number of millionaires, average earnings, business growth rates, house prices and Gross Domestic Product (GDP) per capita.
GDP and house price growth was slower in London than many other regions, Barclays found.
While the capital still has the highest GDP per capita of any UK city or region, at £43,629, the capital has reported only modest growth over the last year. GDP per capita in London has grown by by 1.6 percent in the past year, compared with 3 percent in the North West and 2.8 percent in the north east.
Likewise, while London still has easily the nation’s highest average house prices (£502,787), the market’s annual increase of 3 percent was outstripped by almost every other region or city. Birmingham and Manchester welcomed the greatest increases with house prices growing 8 percent and 7 percent respectively.
“With London seeing a slight decline in overall prosperity, and slower house price and GDP growth than other regions, it’s clear that there is a mixed picture for the capital and that other cities in the UK are seeing more positive signs of growth,” said Mark Smith, regional director of the London region at Barclays Wealth & Investments.
The 2017 prosperity map by region
1. London (prosperity score of 0.77)
2. South East (0.56)
3. Eastern England (0.45)
4. Northern Ireland (0.35)
5, East Midlands (0.32)
6. South West (0.31)
7. West Midlands (0.23)
8. North West (0.22)
9. Scotland (0.22)
10. Wales (0.20)
11. Yorkshire and the Humber (0.20)
12. North East (0.07)
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