London named Europe’s top performing city

London named Europe’s top performing city
London © kloniwotski

London has topped an influential Europe-wide study of top-performing cities, with the UK claiming three spots in the top ten and five in the top 20.

The research by the Milken Institute used detailed data on job creation and wage growth added value of hi-tech services and manufacturing industries to compile the rankings.

By contrast, Germany has two cities in the top 20, while France, Italy and Spain did not feature.

The Inner London-East area, encompassing the City and Canary Wharf, was the strongest performer in the large cities rankings.

The importance of the UK capital is such, however, that another part of it, Outer London-West and North West, earned a separate ranking in the top ten, placing ninth.

Minoli Ratnatunga, a Milken Institute director and co-author of the report, said: “Inner London-East is among the most dynamic economies in Europe, leading all large metro areas in job growth over the last five years.”

Also praised were ‘world-class universities’ along with London’s strength in international tourism, creative industries, legal services and biopharmaceuticals.

However, concerns were raised about the high costs of housing, which “limit access to opportunities being created”.

Also flagged was the potential impact of Brexit, which has not been fully factored in to the data.

The report said that in the wake of the EU referendum, Inner London’s GDP growth rate fell, adding that much of the economic expansion was powered by talent arriving from other EU nations.

“If this talent flow slows substantially in response to Brexit, it will curtail future growth,” the study warned.

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