London, UK productivity decline

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London was a major drag on UK productivity growth from 2019 to 2022, with the efficiency gap between the capital and the rest of the UK soaring to record lows.

The Office for National Statistics said hourly output in London fell 2.7% between 2019 and 2022, while across the UK it rose 2.5% over the past four years.

The decline left the capital's productivity 26.2% higher than the national average, the smallest gap since comparative records began in 1998 and well below the 2007 peak of almost 40%.

These figures show the impact of the COVID-19 pandemic on the UK's economic engine and that productivity gains are being spread more evenly across the country.

Paul Swinney, of the Center for Cities think tank, said it was unlikely the next government would lead the way in improving Britain's living standards unless London called the shots again.

The UK's overall productivity has stagnated significantly since the financial crisis after decades of strong growth. These trends are putting pressure on living standards and are known as Britain's productivity puzzle.

Swinney said London's trends explain much of Britain's wider productivity problems. This is because London led both the strong national growth seen before 2008 and the subsequent lackluster performance.

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London is the UK's largest and wealthiest regional economy and a major source of revenue for public finances.

In the financial year to May 2023, Londoners paid $5,000 more in taxes than they received in public spending, and Britons received $1,894 more than they put into public coffers.

However, the latest GDP data revisions show that London's economy has performed worse than the national average since 2019. This contrasts with earlier estimates of higher growth in the capital.

London has contracted more than any other part of the UK during the pandemic, according to revised data, pointing to a hit to activity and international travel due to Covid-19 restrictions.

Bart van Ark, managing director of the UK's Productivity Institute, said London's performance was a concern and would have to be closely monitored from an international competitiveness perspective.

But he added that the narrowing gap between London and the rest of the country could suggest that Britain is finally starting to move away from a single-engine model, with only London and the South East pulling the cart.

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ONS data shows that since 2019, labor productivity has increased by 7.9% in the North West and 5.5% in the South East.

The North West was 6.8% less productive than the UK average in 2022, a smaller gap than the 11.3% shortfall in 2019.

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