Cities are outpacing their wider region, with clear disparities opening up when it comes to GDP per capita and earnings.
London continued to dominate as the UK’s most prosperous city. But Birmingham and Newcastle are narrowing the gap, with the biggest year-on-year increases in GDP per capita, at 4.2% and 4.4% respectively – growth well in excess of the overall UK figure of 1.8% for the same period.
House prices continue to rise, with almost every city seeing higher growth than London’s 3%, with Birmingham at 8% and Manchester at 7% seeing the biggest increase.
Start-up businesses are flourishing in Birmingham, which had the highest birth-to-death ratio at 1.81 businesses being created for each one that closed, narrowly ahead of London which comes in at 1.78.
Newcastle saw the highest average earnings increase of any UK city, at 6.3%.