London's economic growth plummeted to it lowest since 2013 in February, a survey of businesses shows this morning.
The regional purchasing managers’ index compiled by Lloyds Bank fell to a score of 52.2 for London. It is barely above the 50 level that indicates a region’s economy grew over the month and marks a steep slowdown from a score of 56.4 in January.
The capital’s sluggish growth led a UK-wide slowdown. Every region of the UK apart from the North East posted a weaker survey score in February, dragging the UK score to a 34-month low of 52.8.
Growth as implied by the survey of 1,200 private sector firms also hit a 36-month low in Yorkshire.
“Respondents in this month’s survey highlighted increased uncertainty surrounding the global economy and market conditions as influencing factors,” said Tim Hinton, managing director of mid-markets and SME banking at Lloyds Banking Group.
“However, with employment still rising and cost pressures staying low, businesses should continue to see good consumer demand levels to help maintain growth.”