London’s economy continues to be buoyant, research shows

New research from think tank Centre for London has shown that the city continues to be buoyant, despite a slowdown in its population growth and political uncertainties caused by the UK’s exit from the EU.

The analysis was published in The London Intelligence, a quarterly publication that looks at key data in the city, including employment and economic data.

Record high

The research showed that employment in London reached a record high at the end of June 2018, with job numbers reaching 5.9 million, a year-on-year rise of 1.9% and the highest since 1996. This compares to a growth of just 0.5% in job numbers in the rest of the UK.

There was a decrease in the number of unemployed people in the city compared with last year, with the number of people out of work dropping by 0.4% to 255,000.

Job growth in London is expected to continue, with job vacancies rising by more than 14% in the year leading up to the second quarter of 2018.

The research also looked at investment into the city, with the figures showing a boost in international investment. Southeast Asia was found to be a main driver of international investment growth in London, a sign that the city continues to appeal to other countries.

More promising

The publication also included data from the Purchasing Manager’s Index, which showed that the second quarter of the year was more promising for businesses in London, with business confidence measuring 56.2 in June. This was the highest since October 2017 and higher than the UK’s business confidence reading as a whole.