Content Type
Blog Posts
London's Economy Today editorial - March 2024
Posted about 2 years ago
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 and the construction sector saw...
London's Economy Today editorial - February 2024
Posted over 2 years ago
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 in two consecutive quarters of...
Revenue centralisation and economic growth in London: a counterfactual analysis
Posted over 2 years ago
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 of devolution on economic growth...
Gender pay gap analysis
Posted over 2 years ago
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 points higher than in the...
Changes to UK immigration policy: Impacts and implications for London
Posted over 2 years ago
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 National Statistics (ONS)) show has...
London's Economy Today editorial - January 2024
Posted over 2 years ago
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 not been expected by most...
The State of London v4
Posted over 2 years ago
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 2022 and 2023 (i.e., after...
The impact of Brexit on London's economy - 2023 report
Posted over 2 years ago
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 the detriment of long-term growth...
London's Economy Today editorial - December 2023
Posted over 2 years ago
Inflation falls as the Bank holds steady on interest rates There was another sharp fall in Consumer Price Index (CPI) inflation in November, falling by 0.2% on the month, and rising by 3.9% in the 12 months to November, down from 4.6% in October, and 6.7% in September, according to the Office for National Statistics (ONS). The largest downward contributions...
London's Economy Today editorial - November 2023
Posted over 2 years ago
The Chancellor delivers tax cuts, although the tax burden for households is still rising Higher than expected inflation has increased tax receipts and enabled the Chancellor, Jeremy Hunt, to cut taxes in his Autumn Statement this month – the headline announcement was a 2 percentage point cut in National Insurance contributions (NICs) for employees from 12% to 10% from January...