London's Economy Today

LET Issue 149 January 2015

The Overview

  • UK GDP growth slows in Q4 2014 but over the whole year grows at its fastest pace since 2007.
  • Inflation falls to 0.5 per cent in the UK.
  • Eurozone falls into deflation whilst the ECB launches a large QE programme.

Economic indicators

  • New orders in London rising with the PMI index standing at 58.7 in December.
  • Surveyors expect house prices to fall in London but to rise in England and Wales with the RICS survey showing a net balance of -36 for London and 11 for England and Wales.
  • Consumer confidence remains positive in London at 1 but is negative in the UK at -4.

Retail in London: Looking Forward

  • The report will help explain what policy makers might do to help ensure the evolution in the retail sector produces the best possible outcomes for the capital.
  • Retail will continue to be a sizeable component of London’s economy, particularly as firms have opportunities to implement productivity boosting technologies and take greater advantage of the potential complementarities between online and offline operations.
  • The retail sector will still provide work for a huge number of Londoners but the make-up of these roles may shift a little towards increasingly important functions such as data analysis, ICT or logistics, though customer service will remain a significant area of focus for firms.

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