Inner London's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in Inner London was worth an estimated £335 billion in 2019, according to figures published by the ONS. Inner London's GDP growth between 2018 and 2019 was 3.8% per year. Compare GDP by area.
The Professional, Scientific & Technical Service (e.g. legal, accounting) industry is the largest in Inner London based on the number of jobs, accounting for 17.5% of roles in the area.
2019 ONS figures suggest that there are 3,923,000 jobs in Inner London, which has a working-age (aged 16-65) population of 2,614,817. The 2019 job density in Inner London is 1.50, meaning there are 1.50 jobs per member of the Inner London working-age population.
Inner London had a mean average salary for full-time employees of £60,464 in 2021. Inner London's unemployment rate is 6.2% as of 2021. Compare unemployment rate by area.
The 2019 labour force or working-age population in Inner London is 2,614,817 or 71.4% of the total population.
In 2021, 93.8% of the labour market was recorded as employed, below the 94.8% average rate for England. Of those employed, 15.1% are self-employed, and 84.9% are employees.
Inner London's working-age population ranks among the most educated in England.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the Inner London working-age (aged 16-64) population who have a degree or higher is 65.2%, which is above the 42.8% degree qualification rate for England.
Over 76% of the Inner London working-age population have at least 2 A-levels (or equivalent), and 5% have no qualifications.
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Main page: Inner London Salary
The average salary in Inner London as of 2021 is £60,464. Between 2020 and 2021, average salaries fell by £2,860. Compare average salaries by area.
Inner London's salary growth rate is -4.52% per year based on changes in average salary between 2020 and 2021, which is 4.52% lower than the average salary growth rate in Inner London over the past 9 years.
In Inner London, the highest average wages are found in City Of London where the average salary is £94,333 and the lowest average wages are found in Haringey where the average salary is £34,639. The difference in average salary between the two areas is £59,694 - the average person in City Of London earns 172.3% more than the average person in Haringey.
Business data published by the ONS in 2020 show the most common job group in Inner London is Business, Media And Public Service Professionals, accounting for 14% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in Inner London is Science, Research, Engineering And Technology Profs, with roles increasing 22% between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
|Business, Media And Public Service Professionals||282,100||14.1%||16.0%|
|Business & Public Service Assoc. Professionals||255,700||12.7%||9.7%|
|Corporate Managers And Directors||216,000||10.8%||-5.6%|
|Science, Research, Engineering And Technology Profs||197,600||9.8%||21.7%|
There was a 2% decrease in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in Inner London is Professional, Scientific & Technical Service (e.g. legal, accounting). Other major industries include Financial & Insurance, which represents over 10% of roles in Inner London.
Financial & Insurance companies make up 11% of the Inner London economy that's higher than the average for England as a whole (~3%).
10% of the total jobs in Inner London are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
|Professional, Scientific & Technical||586,000||17.5%|
|Financial & Insurance||363,000||10.8%|
|Information & Communication||323,000||9.6%|
|Business Administration & Support||314,000||9.4%|
The fastest-growing industry in Inner London is Mining, Quarrying & Utilities, with jobs in the sector increasing 12% between 2019 and 2020 from 17,000 to 19,000. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in Inner London between 2019 and 2020 was Motor trades, which saw an 42% decrease in roles, going from 12,000 to 7,000. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In Inner London, the number of roles in this sector has fallen by 6% over the past year, below the 1% annual increase seen in England.
2021 UK Business Count data published by the ONS show there are 1,545 large businesses in Inner London, making up 0.6% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 5,315 medium-sized businesses based in Inner London, making up 1.9% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 24,835 small businesses based in Inner London, making up 8.9% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Inner London's unemployment rate is 6.2% that's 1% higher than the average unemployment rate for England as a whole. Unemployment rates are the number of unemployed people as a percentage of the working-age population.
The main group within the unemployment population is Student, representing 38.0% of the unemployed population.
Secondary classifications include groups: looking after family, long-term sick, other, all of which represent over 10% of the unemployed population.
In England as a whole, students are the main group within the unemployed population, accounting for 28.9% of the unemployed population.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics