London’s economy may be decoupling from the rest of the U.K. at an accelerating pace. As Bloomberg’s Niraj Shah explains, the capital’s contribution to U.K. output, house prices and financial jobs are all at a record high while the suicide rate is at a series low… while the rest of the nation is ‘not’.
The number of financial services jobs in London rose above the pre-crisis level last year to 688,000, according to lobby group TheCityUK. City jobs are forecast to rise by 2.7 percent this year to 707,500. The financial sector accounted for 21.1 percent of London’s output in 2010. Sixty percent of inner London workers are graduates, compared with 29 percent in northeast England, the ONS says
The suicide rate in London fell to a series-low of 8.7 deaths per 100,000 in 2012 from 8.9 per thousand in 2011. That compares with 12.4 deaths per 100,000 in the northwest. The number of London suicides fell to 576 in 2012 from 985 in 1981. In 25 years, the capital’s suicide rate has dropped to the lowest in the U.K. from the highest.
So the question is – who is Mark Carney managing the economy for? or perhaps more accurately, which economy is he (or his central bank cronies) “boosting”