Business chief: Capital defying the double-dip

London is beating the double dip recession, business chiefs said today.

Figures this week showed Britain’s economy shrank for two consecutive quarters, plunging the nation back into recession.

But Baroness Valentine, the leader of London First, which represents major employers, said: “Feedback from our members tells us that London is not in recession, which is good because the country needs a thriving capital to lead the recovery.”

Figures from the London Chamber of Commerce show confidence at its highest level since 2007. Almost half of companies expect the capital’s economy to improve in the next 12 months and 21 per cent expect it to worsen.