London’s Economy Today editorial – April 2024 April 25th, 2024 by Daryl Rozario, Gordon Douglass, Sixia Zhang UK GDP saw further growth in February This month saw the publication by the Office for National Statistics (ONS) of monthly GDP numbers for the UK for February 2024 (Figure 1). This data showed that the UK economy grew by 0.1% month on month in February. This follows monthly growth of 0.3% in January (revised…
Evidence from the Employer Skills Survey 2022 April 19th, 2024 by Mariia Vorotchenko (GLA Economics) The Employer Skills Survey 2022 is the sixth edition of the survey conducted by the DfE since 2011. The survey aims to identify the skills challenges faced by employers, in their existing workforce as well as when recruiting. In particular, the survey covers three main areas: Recruitment and skill-shortage vacancies Skills gaps Training and workforce…
How can we measure the number of green jobs? April 11th, 2024 by Jeff OReilly Introduction Building upon a previous blog on the same topic, this short update examines the Office for National Statistics’ (ONS) latest experimental estimates of green jobs, released in March 2024. The estimates of green jobs produced by the ONS complement previous analysis undertaken by GLA Economics to identify green skills and jobs by analysing online…
London’s Economy Today editorial – March 2024 March 28th, 2024 by Daryl Rozario, Gordon Douglass, Sixia Zhang UK economy experienced growth in January The Office for National Statistics (ONS) published monthly UK GDP data for January 2024 earlier this month. This data showed that the UK economy grew by 0.2% in January, which follows on from a monthly decline of 0.1% in December 2023 (Figure 1). Figure 1: Both the services sector…
London’s Economy Today editorial – February 2024 February 29th, 2024 by Daryl Rozario, Gordon Douglass, Mike Hope and Sixia Zhang UK enters recession at the end of 2023 Data published by the Office for National Statistics (ONS) in mid-February showed that the UK had entered a recession in the second half of 2023. After contracting by 0.1% in Q3 2023 GDP fell by a further 0.3% in Q4 2023 (Figure 1). A contraction of GDP…
Revenue centralisation and economic growth in London: a counterfactual analysis February 28th, 2024 by Adam Yousef Compared to other OECD countries, the UK remains one of the most fiscally centralised countries. Data from the OECD’s Revenue Statistics publications shows that in recent years no more than 6% of the UK’s total tax revenue has been raised locally, compared to just under 11% for the OECD on average. Studies of the impact…
Gender pay gap analysis February 14th, 2024 by Daryl Rozario Gender pay gap in London and the UK The headline gender pay gap[1] in London was 11.9% according to provisional 2023 data from the ONS.[2] Pay gaps across the UK have been steadily falling since 1997 but in London progress slowed in the early 2010s (see Figure 1) leaving the gap in London 4.2 percentage…
Changes to UK immigration policy: Impacts and implications for London January 25th, 2024 by Adam Yousef On December 4, 2023, Home Secretary James Cleverly announced a series of changes to the UK’s immigration policy (although the timing at which some of these changes come into effect was subsequently modified). These changes are intended to reduce net migration into the UK, which the most recent immigration statistics (according to the Office for…
London’s Economy Today editorial – January 2024 January 25th, 2024 by Daryl Rozario, Gordon Douglass and Sixia Zhang UK inflation ticks up in December UK inflation surprisingly increased in December according to data published by the Office for National Statistics (ONS). Consumer Price Index (CPI) inflation ticked up to 4.0% in December 2023 from 3.9% in November (Figure 1). This was the first time the rate had increased since February 2023 and had…
The State of London v4 January 22nd, 2024 by Adam Yousef On 22 January 2024, the GLA’s City Intelligence Unit released the fourth version of its bi-annual State of London report – a comprehensive and up-to-date overview of London’s key economic and social outcomes. The report covers numerous datasets that update at different intervals, but most of the data presented reflect the state of affairs in…
The impact of Brexit on London’s economy – 2023 report January 11th, 2024 by Daryl Rozario Since the June 2016 Referendum on the United Kingdom’s membership of the European Union, there have been many studies and assessments of that decision’s impact on the UK and its various economic sectors and regions, including London. Broadly speaking, the literature concurs that Brexit has been exerting pressures on the London and UK economies, to…