London leads UK private-sector growth in September, NatWest report shows
EWU•London’s Business Activity Index eased to 53.7 in September from 54.9 in August, while employment rose for the first time since October 2025. New orders grew for a 14th straight month, but at their slowest pace in that period.
1. Growth and employment
London led UK regional business growth in September, although its Business Activity Index eased to 53.7 from 54.9 in August. Employment rose for the first time since October 2025, with its strongest increase in almost two years, while new orders grew for a 14th consecutive month at the slowest pace in that period.
2. Costs and confidence
Export conditions improved at their fastest rate in four-and-a-half years, and business confidence remained above the UK average. Higher fuel and energy costs accelerated increases in business expenses, prompting firms to pass some costs on through higher selling prices.
