Scots basking in UK’s biggest rise in wealth

Households see their prosperity surge by 13 per cent

SCOTLAND has achieved the UK’s biggest increase in household wealth over the last year, a new report reveals.

The Barclays prosperity map shows wealth north of the Border rose by 13 per cent, which even surpassed London’s 12 per cent.

Barclays explained the rise was likely to be linked to Scotland’s median private pensions wealth, which jumped 60 per cent compared to 19 per cent in England and 24 per cent in Wales.

As a result, Scotland rose in the UK prosperity rankings to seventh position behind the east Midlands, Northern Ireland, south west England, eastern England, the south east and London.

North east England emerged as the least prosperous region, although Barclays noted an “impressive” six per cent increase in average annual earnings, reaching £24,748.

The bank lender’s report calculates regional scores based on an array of factors such as gross domestic product, house prices, charitable giving, working hours and average house prices.

Every part of the UK became more prosperous than 12 months ago with wealth, spending or earnings up and unemployment down.

The upbeat news comes despite the economic uncertainty sparked by China’s economic slowdown, the stock market turmoil and the Brexit vote.

“It is very encouraging to see the upward trajectory for prosperity in the UK continuing despite recent global volatility,” said Akshaya Bhargava, chief executive of wealth, entrepreneurs and business banking at Barclays.

While London still ranks as the UK’s most prosperous city, others are “emerging as prosperity hotspots,” the report explained.

“This is in stark comparison to London, where average earnings dropped by one per cent in the same time period,” the report explained. Meantime, Bristol and Cambridge have become “increasingly attractive areas to live and work” with house prices rising 13 and 14 per cent respectively in the 12 months to April.

That compares to London’s housing market, which saw price growth of 11 per cent during the same period.

Manchester, Cardiff and Sheffield saw some of the strongest turnover amongst small and medium sized businesses, up 15, 12 and 11 per cent, respectively.

“The research shows that not only is the UK still ‘open for business’, it sends a clear message that all parts of the UK are sharing in and contributing to its role as a driver of global prosperity,” Mr Bhargava said.

However, the UK now has 3.8 per cent fewer millionaires at 690,000. One in every 67 people in the UK is now worth at least seven figures, but they are not all based in London.

Eastern England hosts the largest proportion of the country’s millionaires after the south east and London, at 13.2 per cent or 148,000.

Around 8.1 per cent of the UK’s wealthiest are in south-west England followed by 6.4 per cent in the north west and 6.2 per cent in Scotland.

‘‘ It is very encouraging to see the upward trajectory for prosperity despite recent global volatility

A SAMBA dancer blows a kiss during the 50th annual Notting Hill Carnival in London.

Thousands of revellers turned out for the second and final day of the annual street party which took place over the English bank holiday. Monday marks the Grand Finale of the event’s 50th anniversary, which has this year hosted 60 bands and 38 sound systems.

However, the event saw 200 people arrested, including 85 for drugs offences, while 26 knives were seized by police.

It was a day of hard work for the emergency services as the London Ambulance Service said it had treated a total of 411 patients and taken 74 to hospital.