London has topped an influential Europe-wide study of top-performing cities - with the UK claiming three spots in the top 10 and five out of the top 20. The potential impact of Brexit, which has not been fully factored in to the data, was flagged.
The comprehensive research by the Milken Institute used detailed data on job creation, wage growth and gross 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.
[...] “Inner London-East is among the most dynamic economies in Europe, leading all large metro areas in job growth over the last five years,” said Minoli Ratnatunga, a Milken Institute director and co-author of the report, which aims to help inform policymaking. [...]
The City, the report added, “spars with Wall Street for the designation of world leader and in many measures outshines its New York competitor”.
Also praised were “world-class universities” which attract talent, along with London’s strength in international tourism, creative industries, legal services and biopharmaceuticals.
But concerns were raised about the high cost 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 from 2.5pc to 1pc, 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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