London Monitor | Growth held back by national factors and low visitor numbers

The outlook for the world’s leading urban economies amid the global slowdown (2)-3

The easy gains from re opening the London economy have now mostly been realised, and the visitor economy is still weak. Meanwhile, mounting pressures are dampening the UK’s recovery, affecting London. But employment in the capital is rising, even if the full year total will be lower than in 2020, and businesses remain confident. The Purchasing Managers’ Index suggests that London’s output growth remained stable in September, contrasting with the previous two months when growth appeared to slow from record highs.

What you will learn:

  • Indeed, equity trades in September rose by 28% from August, and reached a record high for the month.
  • House prices continued to be distorted by the stamp duty holiday, rising by a record 5.6% m/m in August ahead of the end of the tax relief in September.
  • Planning approvals in Q2 2021 fell from the post lockdown peak at the end of 2020, back to the levels seen pre pandemic.
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