South-west growth 0.25% since referendum, slowest of all regions since the referendum in 2016. Hello, Local Enterprise Partnership – HELLO! Any response? Any new figures? Any new ideas?
In the 18 months to the end of last year the capital’s banking and asset management industry shrank 11 per cent. The ONS did not explain the slump but it is likely to be related to Brexit as banks and insurers downsized British operations and directed new investment overseas.
The regional GDP figures, which cover England and Wales, revealed that the South West, which voted to leave the EU, has been the slowest growing English region since the 2016 referendum. It grew 0.25 per cent between the second quarter of 2016 and the end of last year.
The figures, which start in the second quarter of 2012 and run to the final quarter of last year, show that London has grown the fastest, expanding 21 per cent, while the North East and South West have been slowest, at 5.5 per cent and 7 per cent respectively.
London’s success has been despite the downturn in the square mile. Financial services contributed £132 billion to GDP last year, 6.9 per cent of total output, with half of that from the capital. Of the industry’s 1.1 million jobs, 400,000 were in London last year, analysis by the House of Commons library showed. …”