GDP per capita of the UK 2022, by region

In 2022, the gross domestic product per capita in London was 57,338 British pounds, compared with 33,593 pounds per capita for the United Kingdom as a whole. Apart from London, the only other region of the UK that had a greater GDP per capita than the UK average was South East England, at 36,425 pounds per capita. By contrast, North East England had the lowest GDP per capita among UK regions, at 24,172 pounds. 

Regional imbalance in the UK economy?

London's overall GDP in 2022 was over 508 billion British pounds, which accounted for almost a quarter of the overall GDP of the United Kingdom. South East England had the second-largest regional economy in the country, with a GDP of almost 341.7 billion British pounds. Furthermore, these two regions were the only ones that had higher levels of productivity (as measured by output per hour worked) than the UK average. While recent governments have recognized regional inequality as a major challenge facing the country, it may take several years for any initiatives to bear fruit. The creation of regional metro mayors across England is one of the earliest attempts at giving regions and cities in particular more power over spending in their regions than they currently have. 

UK economy bounces back after recession

After ending 2023 with two quarters of negative growth, the UK economy has grown quite strongly in 2024, with growth rates of 0.7 percent and 0.6 percent recorded in the first and second quarters of the year. Other economic indicators, such as the inflation rate, are also trending in the right direction, with the Consumer Price Index falling within the Bank of England's target rate of two percent in May 2024. While unemployment has witnessed a slight uptick, it is still at quite low levels compared with previous years. A high degree of uncertainty does, however, surround the state of the UK's public finances, and how the new Labour government plans to address them in the Autumn 2024 budget.