London maintains its position at the pinnacle of UK prosperity.
|Household expenditure||£652 per week|
|Insolvency rates||11.8 per 10,000 population|
London continues to top the Index with a score of 0.77
The UK capital continues to be a centre of prosperity, with not only the highest earnings and household expenditure in the country, but also the biggest growth in expenditure at 5.9%. London also continues to have the highest GDP per capita of all UK cities and regions, at £43,629.
London’s GDP growth is more modest than that of other regions: 1.6% compared with 3% in the North West and 2.8% in the North East. The city has the nation’s highest house prices (an average of £502,787), but its 3% growth is slower than any other region except Scotland, which grew by just 2%. To put this into perspective, East of England and East and West Midlands, for example, are seeing growth of 7%, 6% and 6% respectively, an ongoing trend from 2016.
London also has the country’s highest business birth-to-death ratio, with 1.78 new businesses created for every business ‘death’. SME turnover, however, has seen a sharp decrease of 22% since last year’s research, in stark contrast to the North West, where SMEs have grown their turnover by 15%. Just two regions – Scotland (23%) and the North East (26%) – have seen bigger decreases than London.
The capital remains home to the largest number of millionaires in the UK, with 165,000, a 6.5% increase and more than a quarter – 26.4% – of the UK’s total millionaire population. However, the city experienced a year-on-year drop of 0.3% in its share of the overall UK millionaire population and saw the third-lowest growth in millionaire numbers compared with other regions. Only the South East (which saw 6.1% growth in millionaire numbers) and Scotland (0% growth) saw lower levels of growth, while the East Midlands saw the greatest growth at 11.1%.