London's changing economy since 2008

Key information

Publication type: General

Publication date: Tuesday 13 October 2015

London’s growth since 2008 has been stronger than the UK’s with London’s GVA having increased by 18.2 per cent in nominal terms (i.e. without taking account of inflation), compared to 11.4 per cent for the UK;
In 2014 there were around 5.554 million jobs in London, 12 per cent higher than in the pre-recession peak in 2008; for the UK as a whole jobs in 2014 were around 4 per cent higher than in the 2008 pre-recession peak;
As a result, productivity in London over the period 2008 to 2013 grew at a slower rate than the UK as a whole with the average annualised output per hour worked growing by 1.7 per cent in London and 1.9 per cent in the UK as a whole; this reversed the situation seen between 2004 and 2008.