London's Economy Today

LET Issue 147 November 2014

The Overview

  • Inflation outlook eases the pressure for imminent interest rate rise.
  • Eurozone growth continues to disappoint.
  • Despite a disappointing international outlook London’s economy goes from strength to strength.

Economic indicators

  • London’s business activity continues to increase with the PMI index standing at 54.4 in October.
  • New orders in London are rising with the PMI index standing at 59.3 in October.
  • Surveyors expect house prices to fall in London but to rise in England and Wales with net house price expectations at -10 in October.

Ten years of the GLA’s London Living Wage

  • On 3rd November the Mayor of London announced the 2014 London Living Wage of £9.15 per hour. This was up 4.0 per cent on the 2013 LLW rate.
  • Looking back over the ten years that the GLA has been calculating the LLW reveals that it has comfortably outstripped the UK Consumer Prices Index, the UK National Minimum Wage and Average Weekly Earnings in London.
  • There are over 400 London-based employers that are accredited – more than double last year and compared with just 27 employers who offered the Living Wage in 2008.

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