According to a report from the Resolution Foundation thinktank, the expensive property prices in London are leading to an exodus of people in their early 30s. Once housing costs are taken into account incomes in London were £21,350, compared to £22,250 across the UK.
Stephen Clarke, senior economic analyst at the Resolution Foundation, said: “People assume London’s economy has been running away from the rest of the UK since the financial crisis. But London’s economic growth is purely down to its population explosion, with hospitality replacing banking as the big growth sector in the capital. Sectors that have traditionally powered London’s productivity growth, from finance to IT, are if anything going backwards.”
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