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Business News

Gaps in regional business growth are widening


London showed strong private sector business growth in July, according to Lloyds TSB's latest regional purchasing managers' survey, but the figures also revealed a widening divergence within the UK.

Despite the performance in the capital, which showed its sharpest expansion since March 2009, the output in the North-west and the South-west showed only marginal growth.

The report added that the gap between the fastest and the slowest-growing English regions was at the widest it had been for more than two years.

John Maltby, head of Lloyds TSB Commercial, said: "July's survey data points to an uneven regional recovery," before adding: "Widening growth disparities reflect the differing exposure of the English regions to high-growth export markets, alongside varying sensitivity to Government spending patterns and muted domestic consumer spending."