North South Wealth Divide Set to Change

The BBC reports today that a recent study conducted by Datamonitor for SG Hambros suggests that the divide between the South East of England and the rest of the UK in terms of wealth is set to shrink significantly by 2015.

Growing property prices, increased wages and entrepreneurship mean that other regions are narrowing the gap

The North West of England will be among the key areas seeing more wealth, the report predicts. It adds that the East Midlands will have the fastest growth in new firms. Meanwhile house prices will rise fastest in the North East of England.

The report underlines the importance of Birmingham as home to the largest concentration of firms outside London and it describes Leeds as "the financial backbone of Yorkshire".

The North East has the lowest house prices in the UK, but it could become a "property hotspot" as house prices are expected to rise at a faster pace than the national average, the report, complied by Datamonitor said.