London responsible for over a fifth of UK’s total economic output

London accounts for over a fifth, (22.4%) of the UK’s total gross value added (GVA), figures by the Office for National Statistics (ONS) have shown.

The capital had the largest gross value added (GVA) per head at £37,232 in 2012.

The south east, excluding London, reported the fastest growth per head last year all over the UK with its GVA up 2.5%.

The south east saw a GVA of £23,221, higher than the UK average of £21,295.

According to the British Chambers of Commerce, Britain’s economy will expand at its fastest rate in seven years in 2014, thanks to strengthening household consumption.

The business group has revised its forecast to 2.7% in 2014, up from the 2.2% estimate it announced in August.