In 2022, London had a gross domestic product of over 508 billion British pounds, by far the most of any region of the United Kingdom. The region of South East England which surrounds London had the second-highest GDP in this year, at over 341 billion pounds. North West England, which includes the major cities of Manchester and Liverpool, had the third-largest GDP among UK regions, at approximately 223.5 billion pounds.
Levelling Up the UK
London’s economic dominance of the UK can clearly be seen when compared to the other regions of the country. In terms of GDP per capita, the gap between London and the rest of the country is striking, standing at 57,338 pounds per person in the UK capital, compared with just over 33,593 pounds in the rest of the country. To address the economic imbalance, the UK government has a “levelling-up” policy, which aims to boost investment and productivity in neglected areas of the country. The success of the program may depend on its scale, however, as it will take significant levels of investment to reverse the economic neglect these regions have faced in the recent past.
Overall UK GDP
The gross domestic product for the whole of the United Kingdom amounted to 2.27 trillion British pounds in 2023. During this year, GDP grew by just 0.1 percent, following a growth rate of 4.3 percent and percent in 2022. As of 2022, the UK remains one of the world’s biggest economies, with just five countries (the United States, China, Japan, Germany, and India) having larger economies. It is it likely that several other countries will overtake the UK economy in the coming years, with Indonesia, Brazil, Russia, and Mexico all expected to have larger economies than Britain by 2050.
FAQs
Surrey and Sussex have been revealed to be the wealthiest areas of Great Britain, with residents owning assets worth an average £263,200 each. The region of Inner London East is the least wealthy, with median wealth of £26,400 per person.
What is the wealthiest region in the UK? ›
Surrey and Sussex have been revealed to be the wealthiest areas of Great Britain, with residents owning assets worth an average £263,200 each. The region of Inner London East is the least wealthy, with median wealth of £26,400 per person.
What is the most economically successful region of the UK? ›
London is the heart of the United Kingdom's economy and the second-largest financial centre in the world behind New York City. The United Kingdom has one of the most globalised economies and comprises England, Scotland, Wales and Northern Ireland.
Which region has the highest GDP per capita in the UK? ›
At the ITL3 level, Camden and City of London had the highest GDP per head in current market prices at £599,588 in 2022, while Ards and North Down had the lowest GDP per head at £17,635; both extremes are substantially affected by commuting flows.
Which country is richer, Scotland or England? ›
In 2022, the gross domestic product per capita in England was 34,241 British pounds, compared with 30,586 in Scotland, 24,443 in Wales, and 26,480 in Northern Ireland.
What is the poorest region in England? ›
Having measured the states of deprivation across thirty-two thousand eight hundred and forty-four areas in the country, the researchers concluded that the community that lies east of Jaywick near Clacton-on-Sea is the most deprived region in the country.
Which region contributes most to the UK economy? ›
London's economic dominance of the UK can clearly be seen when compared to the other regions of the country. In terms of. To address the economic imbalance, the UK government has a “levelling-up” policy, which aims to boost investment and productivity in neglected areas of the country.
What is the fastest growing regional economy in the UK? ›
The fastest growing region of the UK in 2023 was the West Midlands, achieving GVA growth of just 0.6%, with the North East also performing reasonably well with growth of 0.5%. Both of these regions' manufacturing sectors benefitted from continued normalisation in supply chains and lower energy prices compared to 2022.
What is the most prosperous part of the UK? ›
Brand-new UK Prosperity Index reveals South East is most prosperous region in the UK.
Where does Britain get most of its money? ›
Tourism, manufacturing, retail, and financial services all represent significant sources of income for this world-leading economy.
Surrey in South East England, takes the top spot as the richest county in the UK with a total property worth of £287.6 billion.
What is the largest contributor to the UK GDP? ›
In 2022, agriculture contributed around 0.76 percent to the United Kingdom's GDP, 16.68 percent came from the manufacturing industry, and 72.17 percent from the services sector. The vast majority of the UK's GDP is generated by the services sector, and tourism in particular keeps the economy going.
What percent of UK GDP is from London? ›
GDP. Greater London produced £519.178 billion or around 1/4 of the UK's total GDP.
Which countryside is the wealthiest in the UK? ›
South: The south is home to many of the wealthiest towns and villages in the UK, says WealthInsight
| Ranking | Town | No. of millionaires |
|---|
| 1 | Windsor | 850-900 |
| 2 | Weybridge | 800-850 |
| 3 | Sevenoaks | 800-850 |
| 4 | Beaconsfield | 450-500 |
6 more rowsMay 24, 2024
Poverty rates vary significantly between UK nations and regions. Between 2019/20 and 2021/22, the average poverty rates in England (22%), Wales (22%) and Scotland (21%) had converged to around the same level, although poverty rates were much lower in Northern Ireland (16%).
Is it cheaper to live in Scotland or the UK? ›
The average cost of living in Scotland per month is around £1,500, which is 1.26 times less expensive than the average in the UK. Scotland was rated as the finest place to live in and the eighth most expensive state in the UK.
Where is most of the wealth in the UK? ›
Wealth Spread Between Great Britain's Regions and Nations
The South East is the wealthiest of all regions with median household total wealth of £503,400, over twice the amount of wealth in households in the North of England.
Where do the richest in England live? ›
When it comes to multi-millionaires, 16 out of the richest 20 towns in the U.K. are all in the south east of the country. Windsor is the richest town, with 250 multi-millionaires, others lie in close proximity in Berkshire, Surrey, Oxfordshire or Buckinghamshire.
What is the wealthiest city in the UK? ›
According to the report, London was its number one wealthiest city in the world for many years.
