Londoners save more while business activity expands
LONDONERS are saving more cash than people in any other part of the UK, a survey reveals this morning, while a separate study shows faster private sector growth in the capital than in most other regions.
Business activity in London jumped to a six-month high at the start of the year, recording 57.5 in Lloyds’ latest purchasing managers’ index (PMI) – up from 53.2 at the end of last year.
January’s output from London grew at the equal second fastest rate in the UK, behind only the West Midlands, the figures showed.
Overall England, and the whole of the UK, both reached 10-month highs for business output growth – yet the report also warned that job creation “remains muted, especially in the south”.
Despite economic worries, Londoners are stashing away an average of £338 per month, according to separate figures from HSBC – above the national average of £237.
People in London and the rest of the south east have the highest total savings, the report said, averaging £21,186 and £21,324 respectively.
Yet fewer than a third (30 per cent) of people in the capital regularly save money each month.