Edinburgh is UK's strongest city economy

Accounting group UHY Hacker Young has ranked Edinburgh as the strongest urban economy in the UK, although director recruitment is on the decline.

Accounting group UHY Hacker Young has ranked Edinburgh as the strongest urban economy in the UK, although directorrecruitment is on the decline.

London became runner-up to the Scottish capital in a close contest when Edinburgh was found to hold a Gross Value Added (GVA) of £28,432 per person, in comparison with £27,672 for each person in London. The national average across the UK was just over £18,000.

Howard Spencer, chairman of UHY Hacker Young, told Hazel Mollison at edinburghnews.scotsman.com: "This has helped Edinburgh consolidate its position as the second largest financial centre in the UK after London. As Europe's leading financial centre London should have fared better than Edinburgh, but it's incredibly high property prices are putting a serious dent in business earnings."

In contrast to the study's findings, however, banks and businesses in the Scottish capital are struggling in the aftermath of the credit crunch in the same way as their London counterparts, making the news of the city's ranking muted at best. Executiverecruitment is on the decline, with redundancies expected.

Nipping at London's heels is Belfast, the Northern Ireland capital considered to be the fastest growing urban economy in the UK.