Thursday, May 13News For London

London Named Best Performing European City

London was named top performing city in a Europe-wide study done by the Milken Institute.

Image by Pablo Cabezos (CC by 2.0)

The factors considered in the decision-making process included job creation, wage growth and the value of hi-tech goods and services. The city was also recognized for its high quality universities, its draw of international tourists, creative and legal industries, and biopharmaceuticals.

The study divided Europe up into 279 regions, with various areas of the United Kingdom claiming five spots in the top 20. Inner-East London took top spot in the rankings. Stockholm and Budapest followed in the top three, with Berkshire, Buckinghamshire, and Oxfordshire coming in seventh, Leicestershire, Rutland, and Northamptonshire 14th and Derbyshire and Nottinghamshire 18th.

According an article in The Telegraph, Inner-East London region was described as “the closest counterpart to to California’s world innovation leader in Silicon Valley and San Francisco”, and has demonstrated significant increase in job creation and overall rejuvenation over the past few years.

Despite its positive aspects, the high cost of living was seen as an obvious setback, as were the effects of Brexit. According to the report, the success of the UK’s economy was largely due to “international talents”. With EU citizens slowly filtrating out of the country, the continuing success may be left in question.

According to an article by City A.M., Minoli Ratnatunga, Milken Institute director of regional economic research and co-author of the study, claimed that the research was gathered prior to the Brexit vote, and the economic future is “yet to be assessed.”