Consumer squeeze hits London less than other UK regions
Consumer spending in 2022 is stronger in London than in other UK nations and regions, although most—if not all—of the gains occurred in the year’s first half. That reflects the interaction of a variety of factors, both on the supply and demand sides of the economy.
What you will learn:
- The macroeconomic background has not only deteriorated in recent months but if anything has become more uncertain. What we can say with reasonable confidence is that the most manufacturing reliant regions such as Wales and the East Midlands will be particularly hurt by global supply chain issues.
- Meanwhile, the recovery in hospitality is so strong that it will benefit all regions, even though this is not a large sector in GVA terms.
- London is the fastest growing region in 2022 and that is reflected in stronger wages growth than in other regions, which is giving some protection to the consumer economy in the capital. Again, Wales and the East Midlands are in the weakest positions.
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