Inner London is richest area in Europe

Inner London is the richest area in the European Union, official figures confirmed today.

The wealth of the average person is more than two and a half times the EU average, way ahead of Brussels in second place (2.17 times average) and Luxembourg (1.97 times).

At the other end of the scale, Cornwall and the Scilly Isles ranks as one of the poorest areas in the 15 EU member states, with per capita wealth running at just 59.5 per cent of the norm.

The poorest region of all is Dytiki Ellada, in Greece with just 53 per cent of the EU average. The figures were published as the European Commission outlined its plans for regional funding in the next budget round, which will make £235 billion available for regeneration of poor areas between 2007 and 2013.

But the EU's statistical office - which is based in Luxembourg - today appeared to be suffering sour grapes over the findings. It said the Inner London result could have been "over-estimated" because of "commuter flows".