A new survey has revealed that London's economic activity and employment are declining, while most UK regions are firing on all cylinders.
Northern Ireland remains top of the national growth league in the three months to May, followed by the East Midlands and the South East, according to the purchasing managers' survey of regional activity.
However, London has slipped from top in the final quarter of last year to eighth place in terms of economic growth, and from sixth to 11th place in the league of national employment.
Chris Williamson of NTC Research, which compiles the data, told The Guardian: "London is reliant on its financial services industry and has been the first to be affected by interest rate increases.
"But other regions, like the East Midlands, which have a lot of manufacturers have benefited because of the global economic upturn."
Other surveys have revealed that property prices in London are growing much slower than in the rest of the country, but houses in the capital remain the country's most expensive. |
