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Credit crunch? What credit crunch? London still EU’s richest city

PUBLISHED: 18:43 27 February 2009 | UPDATED: 14:08 05 October 2010

Euro-MP Syed... warning to Brown

Euro-MP Syed... warning to Brown

LONDON is still the wealthiest spot on Planet Europe—thanks to Canary Wharf and The City. It has nearly three-and-a-half times the average domestic product of all EU economic regions—despite the credit crunch. But a Euro-MP urges Gordon Brown not to “get in the way” of pulling the UK out of recession

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LONDON is still the wealthiest spot on Planet Europe—thanks to the rich pickings of Canary Wharf and The City.

It has nearly three-and-a-half times the average domestic product of all the EU economic regions—despite the credit crunch., according to latest figures.

But a London Euro-MP today urged Prime Minister Gordon Brown not to “get in the way” of pulling the UK out of recession.

The statistics take an average for each person and look at who produces above and below that average.

Top of the league is Inner London at 336 per cent, which includes the wealthy Canary Wharf and City of London business districts.

Nearest rival Luxembourg is significantly behind at 267 per cent, while Brussels is third at 233 and Hamburg fourth at 200.

“It’s easy to be pessimistic in times like this,” Tory MEP Syed Kamall pointed out. “But these figures prove the continued importance of London in the European and world economies.”

He sounded a warning to the Labour Government at Westminster not to over-regulate the City “or do anything that might damage London’s chances” of pulling out of recession.

“We need the upturn to start in London,” he added. “We don’t need Gordon Brown getting in the way.”

The UK was the only country to have two economic regions in the top 10, with the Thames Valley of Berkshire, Buckinghamshire and Oxfordshire—often referred to as London’s Stockbroker Belt’—at 10th place with 164 per cent. Lowest in the league table was north-east Romania with just 25 per cent.

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