London's economy outperformed rest of the U.K.

The economy of Britain's capital has been outperforming the rest of the nation's economy since 2007, the Office for National Statistics said Wednesday. London's economy expanded by 12.4% between 2007 and 2011, compared to the rate between 2.3% and 6.8% across other U.K.'s regions. The performance of London's labour market has also outperformed other parts of the country. Between the final quarter of 2007 and the final quarter of 2012, capital's employment improved by 0.9%, compared to a 1.7% decline in the rest of the country. During the same period, there were 267,000 new job places created, while in the rest of the U.K. 284,000 work places were eliminated. All this has led to a direct impact on the incomes of residents, with the average household income per head in London increasing 30% above the U.K. average.