Growth in London was 2.3% in the year to June 2019 according to estimates from ESCoE. Growth matched the previous quarter suggesting the capital’s economy is stalling. London had the best performance nationally (out of twelve UK ‘regions’) with Northern Ireland at 1% the worst. The national growth rate for the same period was 1.5%. With the UK economy contracting by 0.2% in the quarter, minimal growth in London compares favourably with most regional economies which have shrunk.
Unemployment in London increased by 8,000 to 222,000 between April and June, an uplift of 0.2% to 4.5%. The South West had the lowest unemployment rate at 2.7%, the North East had the highest at 5.3%, with the UK rate at 3.9%. The South West also had the highest employment rate at 80.5%, which compared with London at 74.7%; the UK rate at 76.1% is the joint highest since comparative records began in 1971.
In June, the capital’s average earnings increased from £762 to £831 per week, the highest average earnings nationally. The North East had the lowest at £537. In the UK average earnings grew by 3.7% or by 1.8% after inflation.
The capital’s average property price increased during the month, the 0.7% rise...