14 October 2008
London’s place in the UK economy
Londoners paid 18% of total taxes in the UK in 2006-2007,
according to the annual London’s Place in the UK Economy report
published today by the City of London Corporation and produced by
the London School of Economics. The research is based on the most
recent data publicly available, for the financial year 2006-7.
Public expenditure per person was higher for London than for any
region except Northern Ireland. Even so, London made a large
net contribution to public finances in 2006-7. London contributed
almost £15bn more in taxes than it received in public spending.
That compares to an overall estimated government deficit of
£36.2bn.
Stuart Fraser, Chairman of the Policy and Resources
Committee of the City of London Corporation, said:
“Today’s report highlights London’s pivotal importance to the UK
economy. The financial crisis will have a serious negative impact
on London’s economy, and therefore on public finances and the
British economy next financial year and maybe beyond.”
Ends
Notes to Editors
-
Download London’s Place in the UK
Economy
- About the City of London: The City of London Corporation is an
unusually diverse organisation with three main aims – to support
and promote the Square Mile as the world’s leading international
financial and business centre; to provide the highest quality local
government services for the Square Mile; and to provide valued
services to London and the nation as a whole.
- About the London School of Economics: The London School of
Economics and Political Science (LSE) is a world class centre for
its concentration of teaching and research across the full range of
the social, political and economic sciences. Founded in 1895 by
Beatrice and Sidney Webb, LSE has an outstanding reputation for
academic excellence.
- About Stuart Fraser: Stuart Fraser is Chairman of the
Policy and Resources Committee of the City of London Corporation.
Read his biography or
download a photo of Stuart Fraser.
Press enquiries
Laura Citron in the City of London press office, 020 7332 1835
or 07784 295 736 or
laura.citron@cityoflondon.gov.uk.