A new report from accountants PwC found that construction work in London generates twice the economic benefits and supports almost twice as many outside the capital.

London benefits to the tune of  £0.6bn annually from major office schemes by leading developers.

But the further contribution to regional economies is almost double that, at £1.1bn a year.

The 12,200 jobs supported in London annually are dwarfed by the 22,400 supported outside the capital.

The report for business group London First looked at the effect of investment by developers British Land, Cadogan Estates, Canary Wharf Group, The Crown Estate, Derwent London, Great Portland Estates, Grosvenor, King’s Cross Central Limited Partnership and Land Securities.

It found that 84% of the direct investment in central London office development is spent in the UK.

The developers allowed access to their books so that a full understanding of their construction expenditure, supply chain impacts and even employee spending could be developed.

Baroness Jo Valentine, Chief Executive of London First said: “ The value of investment in London is huge in terms of generating jobs and economic benefits in London itself , but the knock – on contribution to regional economies is more impressive and shows the boost that London businesses provide to the rest of the UK”

The report also found that there is potential for development to generate further economic benefits for the country by increasing capability in goods and services that the UK currently lacks, such as cladding, lifts and machinery.

For a full copy of the report click here