Rise in business growth and job creation across London, survey finds

Lloyds Bank’s London PMI statistics reveal that business activity across the capital has increased with a sharp rise in backlogs of work boosting employment.

The headline index figure of 59.5 for February 2014, picked up from 57.0 the previous month. The latest reading was also above the equivalent figure for the UK as a whole (58.2).

Lloyds Bank Commercial Banking area director for SME banking in Central London Ian Patterson said: “London’s private sector economy continued to expand at a smart pace in February, leaving the capital well on course for another strong quarter following 2013’s performance trend.

“The latest figures indicate that job creation and output growth in London remains ahead of the UK as a whole. While there were some reports of higher staff costs and utility bills in the latest survey, it was encouraging to see that the overall rate of input cost inflation eased to a nine-month low.”

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