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London dominates in list of fastest growing UK economies with Croydon leading the charge

One of the capital’s rising tech hubs has topped a national survey by accountants UHY Hacker Young which looked at some of the UK’s fastest growing local economies.

Croydon’s 9.3% growth rate in Gross Value Added (GVA), that is how much an area contributes to the national economy based on the value of goods and services it produces per capita, was the highest out of 173 areas surveyed in the last 12 months as it rose to £19,800 from £18,210.

The borough, which is increasingly known for its technology and FinTech businesses, has been dubbed the Silicon Valley of South London thanks to initiatives such as Croydon Tech City which have seen it challenge the likes of Shoreditch as a hotbed for tech startups and entrepreneurs.

Colin Jones, partner at UHY, commented: “Croydon’s regeneration is going from strength to strength and it is no longer a joke that it is beginning to rival Shoreditch in attracting technology companies.

“Croydon has reinvented itself over the last ten years and is attracting a wide range of businesses to the area and is quickly becoming a commuter hotspot.

“Over the last two decades, significant resources have gone into Croydon’s regeneration including improving its transport connections with the rest of London and the UK.”

Elsewhere in the list, London dominates with six of the top ten fastest growing areas in the UK located in the capital, with Camden (8.9%) and Bromley (8.1%) both enjoying significant growth that outstripped UK-wide GVA growth average of 3.4%.

Touching upon London’s predominant position as the driver of economic growth in the UK, Jones added: “Central London firmly remains the powerhouse of the nation’s economy, with outer boroughs such as Bromley now joining more areas such as the City of London and Silicon Roundabout as centres for economic growth.”