Finance Shrinks, IT Booms in London’s Multi-Speed Economy
A pedestrian sits on a bench in view of the Houses of Parliament in London, U.K. (Photographer: Simon Dawson/Bloomberg)

Finance Shrinks, IT Booms in London’s Multi-Speed Economy

(Bloomberg) --

Finance Shrinks, IT Booms in London’s Multi-Speed Economy

London’s economy is a fifth bigger than it was in 2012 but not every sector has shared in the boom. No industry has done worse than financial services, which shrank by almost 12% over the past two years, according to quarterly regional GDP estimates published for the first time. By contrast, areas such as telecommunications and information technology are generating more value than ever.

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