Content Type
Blog Posts
London's Economy Today editorial June 2023
Posted almost 3 years ago
Inflation remains stubbornly high in the UK Data published by the Office for National Statistics (ONS) this month showed that annual Consumer Price Index (CPI) inflation stood at 8.7% in May unchanged from April (Figure 1). This rate was unexpected by most economists with a poll by Reuters showing that most expected a lower inflation rate in May. Core annual...
The impact of rising interest rates and financial turbulence on London’s economy
Posted almost 3 years ago
Higher interest rates and quantitative tightening are reversing the post-2008 global policy regime, with broad-ranging consequences. Massive pandemic policy stimulus combined with stretched supply chains to spark cost pressures around the world, which became a crisis when energy prices surged after Russia’s invasion of Ukraine. Central banks have responded to these inflationary pressures by sharply tightening monetary policy. This shift...
London's Economic Outlook: Spring 2023 Executive Summary
Posted almost 3 years ago
GLA Economics’ 42nd London forecast[1] suggests that: London’s real Gross Value Added (GVA) growth rate is forecast to be 1.1% in 2023 as the cost of living crisis slows down the post-pandemic economic rebound. Growth is expected to improve to 1.8% in 2024 and 2.2% in 2025. London is forecast to see a 3.4% rise in the number of workforce...
Updated London Finance Commission tables
Posted about 3 years ago
In its 2017 report[1], The London Finance Commission (LFC) concluded that a broader tax base for local government, with stronger fiscal controls at the local level, would support growth through the delivery of more integrated and efficient services and increased infrastructure investment. More devolved governance structures might support the development of the strategically important Central Activities Zone[2]. Rebalancing the UK...
London's Economy Today editorial - May 2023
Posted about 3 years ago
London accelerates ahead of UK in latest growth data Output growth in London was the fastest in the UK, according to the latest regional GDP figures from the Office for National Statistics (ONS). And while the data only run to Q3 2022, more recent figures suggest the capital continues to grow ahead of the rest of the country. London’s GDP...
Monitoring the employment impact of mayoral programmes and initiatives – report summary
Posted about 3 years ago
When the Mayor was re-elected in May 2021, he stated that “protecting, preserving and helping to create jobs will be my economic priority”. GLA Economics have therefore produced a report to monitor the employment impact of programmes and initiatives over the mayoral term. Estimates suggest that over the mayoral term (since 2016), the mayor has created 332,100 gross jobs. This...
How is inflation affecting people in London?
Posted about 3 years ago
This article was recently published on the Economics Observatory website. London is a famously expensive city. But higher salaries, lower energy bills, and better public transport led some to believe that people living in the capital may be resilient to rising prices. By analysing the latest prices micro data, it is clear that Londoners face a serious squeeze on their...
London's Economy Today editorial - April 2023
Posted about 3 years ago
Inflation still in double digits as doubts arise about persistent price pressures The UK continues to face inflation above 10% according to the latest figures by the Office for National Statistics (ONS). Consumer Price Index (CPI) inflation slowed in March 2023 but still came in at 10.1% year on year. While energy prices remain the single largest inflationary pressure, food...
Post-pandemic international visitors to London
Posted about 3 years ago
Last Summer there was a significant recovery in international tourism after it nearly fell to nothing during the pandemic. This supplement reports on what is driving those trends, and how they differ from pre-pandemic trends. GLA Economics also publishes tourism forecasts for both domestic and international visitors. This analysis will feed into the development of the next set of forecasts....
London's Economy Today editorial - Issue 247 - March 2023
Posted about 3 years ago
Cost of living crisis not easing yet, despite Government measures Inflation rose unexpectedly in February, with signs that some price pressures may take longer to ease. Consumer Price Index (CPI) inflation unexpectedly hit 10.4% year-on-year last month, up from 10.1% in January. The three main reasons were prices for restaurants and cafes, food and clothing. Alcohol served in restaurants, cafes...