London Monitor: A possible uptick in June, but the outlook is unfavourable

Some indicators suggest an uptick in the London economy in June, but underlying drivers are not at all favourable, with 2022’s second half and 2023 likely to be tough for London, as for the UK as a whole.

What you will learn:

• According to the IHS Purchasing Managers’ Index, business activity in London accelerated in June. But new business growth was down and output expectations were weak. July was probably tougher.
• Equity trading dipped significantly compared with May, while bank lending to consumers also fell.
• The start of summer brought a boost to tourism within the capital with both hotel occupancy in May and the number of airport passengers in June exceeding pre-pandemic levels.