According to data that highlights the government’s challenge to “level up” the country, London’s economy has recorded the fastest expansion and smallest impact from coronavirus. In the second and third quarters of previous year, the output in the UK’s capital rose 0.9 per cent outstripping the 0.1 per cent national contraction. The data was made public by Office for National during the same period. Growth was flat in Northern Ireland and England, and London performed best.
The expansion in the capital contrasted with a 1.6 per cent contraction in the worst- performing English region, the East Midlands. London also turned out to be the best performing as compared to the pre- pandemic levels while output across the UK is yet to regain the level it achieved in 2019. The output was more than 2 per cent below its pre-pandemic levels in the midlands and East of England.
According to data shown by the Office of National Statistics, London’s economy was boosted by strong growth, comparative to the pre- pandemic levels, in terms of information, communication and financial services. This accounts for a larger share of output in the capital than in other regions. Output in sectors including construction, real estate and manufacturing, was still below pre-pandemic levels.