Analysing data from 2007, prior to the onset of the economic downturn, to the latest available, a clear trend is apparent with London outperforming the rest of the UK economy.
Over this period, London’s nominal output has risen faster than other regions; its employment and unemployment rates have fared better than other regions; it has seen a larger growth in its active business stock; it has seen an increase of over 250,000 jobs whilst most other regions have seen a decline; and the average incomes of its residents have increased when compared to residents elsewhere in the UK.
London’s path through recession differed from other regions. It maintained strong output growth in 2008 when growth in other regions began to slow. It followed this with a smaller decline in output in 2009 than anywhere else. Other regions bounced back in a greater extent in 2010, but the regional data for 2011 again showed London with much stronger year-on-year growth in output than the rest of the UK.