Content Type
Blog Posts
London's Economy Today editorial - December 2024
Posted over 1 year ago
UK GDP falls unexpectedly in October The Office for National Statistics (ONS) published data for UK GDP growth in October. This data showed that UK output unexpectedly shrank in October with GDP dropping by 0.1% compared to a month earlier (Figure 1). Figure 1: Contributions to monthly UK GD) growth, October 2023 to October 2024 Source: GDP monthly estimate from...
Autumn Budget 2024: Highlights and Implications for London
Posted over 1 year ago
The Government’s Autumn 2024 Budget included several major fiscal changes, including a revision of the method by which national debt is measured for national accounting purposes, an upcoming rise in national insurance contributions for employers and commitments related to regional devolution. Some of these changes could significantly influence London’s economic trajectory. On October 30th 2024, the Chancellor of the Exchequer,...
London's Economy Today editorial - November 2024
Posted over 1 year ago
Bank of England cuts interest rates The Bank of England (BoE) cut interest rates again in November, with the Bank Base Rate being cut from 5.0% to 4.75% (Figure 1). This is the second cut in interest rates by the BoE this year. Figure 1: Alongside this decision the BoE published its November 2024 Monetary Policy Report, which sets out...
London's Economy Today editorial - October 2024
Posted over 1 year ago
UK economy grows in September After seeing two months of zero growth in both June and July, data from the Office for National Statistics (ONS), published this month, showed that the economy grew by 0.2% in August (Figure 1). Figure 1: The ONS estimates that all sectors of the UK economy grew in August. Output in the Services sector grew...
Payrolled employments by nationality
Posted over 1 year ago
The share of payrolled employee jobs among London residents that are held by non-UK nationals has been increasing since the UK’s formal exit from the European Union and the start of the pandemic in early 2020. A big increase in jobs held by non-EU/non-UK citizens has been driving this change, even as the number held by EU citizens has fallen....
London's Economy Today editorial - September 2024
Posted over 1 year ago
UK economy doesn’t grow for a second month in a row The Office for National Statistics (ONS) published data this month that showed that output in the UK economy did not grow in July compared to a month earlier (Figure 1). This follows on from no growth in June either. Figure 1: Looking at the main sectors of the economy...
UK investment between 2000 & 2019: distinction with a difference
Posted almost 2 years ago
While it is true that the UK has been lagging many OECD (Organization for Economic Cooperation and Development) and most G7 countries in gross capital formation, the picture becomes more mixed and complex as one scrutinises national, international and regional data trends. This supplement will examine these issues from a UK context in more detail. The role of investment as...
London's Economy Today editorial - August 2024
Posted almost 2 years ago
UK cuts interest rates for first time since 2020 The Bank of England cut interest rates for the first time since 2020 this month. The Bank Base Rate was lowered from 5.25% to 5% on 1 August after the Bank’s Monetary Policy Committee (MPC) voted by five members to four to reduce the rate by a quarter of a percentage...
Why are apprenticeships less common in London? Evidence from the Employer Skills Survey
Posted almost 2 years ago
Apprenticeships are qualifications where the learner is in a paid job that includes on-the-job and off-the-job training. The training costs for apprenticeships are primarily funded through the apprenticeship levy (75% of starts in London in 2021/22)[1], and the levy forms the apprenticeship budget for the Department for Education. Apprenticeships are an important part of the further education sector in London,...
GLA 2022-based population projections
Posted almost 2 years ago
I am pleased (and somewhat relieved) to announce that we have now published the GLA’s 2022-based population projections. Why are the projections so late this year? This publication had originally been planned for November 2023 but was pushed back as a result of successive delays to the release of the necessary input data (for more information, see slides from July’s...