London remains at the centre of UK prosperity, but other cities begin to close the gap.

The capital’s small businesses grew their turnover by 7% since last year’s study, the second highest growth when compared to other UK regions (Scotland scored highest with an 8% increase), but outpaced by other cities, including Bournemouth, Cardiff and Sheffield at 19%, 12% and 11% respectively.

Despite seeing an 8% growth in GDP capita, London placed joint last with the North East in the rankings on this measure, with the West Midlands, East of England and Northern Ireland seeing significantly higher increases at 11.5%, 11.4% and 11.3% respectively.

London is still home to the largest number of millionaires in the UK (185,000), but saw a slight reduction of 3.1% since 2015’s research, in line with the wider UK trend.