Research collected by Instant Offices has shown that London’s economy has strengthened over the past ten years, with financial and insurance being among the sectors that have helped to drive growth.
The office space provider gathered data from the Office for National Statistics (ONS) and the Greater London Authority to highlight growth trends in London and the rest of the UK.
The UK Business Register and Employment Survey (BRES) from the ONS found that London saw the biggest rise in employment between 2015 and 2016 at 2%. This increase was higher than the rest of the UK, which saw an increase of 1.8% over the same period.
The number of employees in London increased from 29.5 million to 30.0 million between 2015 and 2016, with figures from the Greater London Authority showing that top sectors, including financial and insurance, have helped to boost workforce growth in Inner London.
Business was also among the fastest growing London sectors, with the sector helping to drive growth in Outer London.
The study highlighted the advantages of starting a business in London, stating that competition can make businesses feel more motivated to innovate and improve their services and that it also encourages business owners to boost their relationships with their customers.
Instant Offices highlighted the top sectors in London to watch, with fintech making the list. Last year, fintech investment hit a record high in the UK and London, with more than $1bn invested in the sector. More than 90% of investments went to businesses based in London.
The sector looks set to continue thriving, with the study stating that it will help to drive London’s economy forward.
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