Content Type
Blog Posts
London's Economy Today editorial - July 2022
Posted almost 4 years ago
Rising inflation continues to drive global economic conditions The cost-of-living crisis continues to sharpen, with Office for National Statistics (ONS) data showing that consumer price index (CPI) inflation increased by 9.4% year-on-year in June, up from 9.1% a month earlier. The largest contributions to the annual rate came from household energy, vehicle fuel and food as the repercussions of high...
London macroeconomic scenarios (June 2022 update)
Posted almost 4 years ago
GLA Economics published its latest macroeconomic scenarios-based forecast for London on 21 June. These scenarios have formed part of wider work on the impact of the COVID-19 pandemic on London’s economy, and they have been informed by expert consultation and existing literature on pandemics and macroeconomic scenarios[1]. The two main outcome variables are real Gross Value Added (GVA) – a...
London's Economy Today - June 2022 editorial
Posted almost 4 years ago
Interest rates rise as do fears of stagflation This month the Bank of England (BoE) has raised interest rates to 1.25% from 1%, to counter inflationary pressures. This is its fifth increase from successive meetings of the Monetary Policy Committee. While the latest Consumer Price Inflation (CPI) figures provided evidence of a slowdown in the growth rate of inflation, rising...
What to expect from the first Census results for London
Posted almost 4 years ago
On June 28th, ONS will publish the first results from the 2021 Census[1]. This blog offers an overview of what we expect to learn from the new data, as well as some of the challenges in interpreting the results. Summary The first release will contain only limited data about the size and age structure of the population as well as...
Economic inactivity trends in London: Are Londoners aged 50 and over leaving the London labour market?
Posted about 4 years ago
As we emerge from the pandemic, economists are trying to understand how COVID-19 has changed the labour market. Over one million workers were still on furlough in the UK in the autumn of 2021, leading to concern that the end of the scheme would bring high unemployment. That hasn’t happened. As labour demand picked-up over the last year, unemployment rates...
London's Economy Today - May 2022 editorial
Posted about 4 years ago
Rising prices and higher taxes are squeezing household budgets Evidence is becoming firmer of the impact of the cost-of-living crisis both on what is happening now, the differential impacts across households, and the possible impacts over the course of the year. There has been a 57% jump in the proportion of UK households cutting back on food or missing meals...
Summary of Local Skills Report, Spring 2022
Posted about 4 years ago
The GLA published an update of its Local Skills Report (LSR) this February, following the first iteration published in March 2021. The updated LSR was published alongside extensive Data Annexes, providing insight into the key aspects of the local labour market and skills landscape at a London and sub-regional level. This supplement summarises some of the key data and analysis...
London's Economy Today - April 2022 editorial
Posted about 4 years ago
The cost of living continues to rise Increases in the cost of living intensified this month. The Ofgem price cap for standard energy bills increased by 50% and a higher rate of National Insurance Contributions (NICs) came into effect. Rising costs will have an impact on household budgets, particularly at the bottom of the income distribution. Even before April’s new...
Poverty in London 2020/21
Posted about 4 years ago
Key Points Overall poverty levels fell in the UK during the first year of the pandemic as median income decreased slightly and the £20 per week uplift to Universal Credit and Working Tax Credit increased income for some people towards the bottom of the income distribution. Due to difficulties during the pandemic with the underlying survey, from which the official...
London's Economy Today - March 2022 editorial
Posted about 4 years ago
War in Ukraine stokes higher inflation Across the last month, the news has been dominated by the human tragedy of the war in Ukraine. As the UK joins other international allies in sanctioning Russian firms, banks and individuals, this crisis will also have a ripple effect on the global economy. Russia is the world’s second-largest producer of oil and natural...