The City’s Economy Worth Ten Times National Average

The City of London’s economy has grown at twice the national average since the recession, according to accountancy firm UHY Hacker Young.  Using Gross Value Added (GVA) as a measure of the City’s contribution to the nation’s economy based on the value of the goods and services it produces per capita, it’s growth rate since 2008 has been double the national average.  The City’s GVA per head is £292,855, ten times greater than the national average of £25,601.

Colin Jones, partner at UHY Hacker Young, expanded as follows: “Despite the predictions of some would-be Cassandras, the City has actually increased its importance to the UK economy in the wake of the banking crisis.”

“The City, along with the rest of central London, continues to generate huge amounts of wealth for the national economy. Not only has the City stayed dominant, but the wider economy of London as a whole continues to go from strength to strength.”