London's Economy Today

LET Issue 151 March 2015

The Overview

  • Chancellor delivers final Budget Statement before General Election with upwardly-revised growth forecasts for the UK for 2015 and 2016.
  • The Budget outlined the future path of public spending through the course of the next Parliament.
  • Prospects for global growth revised down by OBR.

Economic indicators

  • Annual output growth in London for Q3 2014 was 3.9%, unchanged from an upwardly-revised estimate in Q2 2014.
  • London’s annual employment growth decreased to 2.6% in Q3 2014 from an upwardly-revised 3.8% in Q2 2014.
  • New orders in London rising with the PMI recording at 61.2 in February 2015.

The science and technology category in London

  • This paper provides a definition of the ‘Science and Technology’ category recently produced by ONS London statisticians.
  • In the ten years to 2013, there has been a rise of 129,800 in Science and Technology category employee jobs in the Greater South East – London accounted for the vast majority of this increase.
  • The fastest growth in this period was in the Digital technology sub-category (where employee jobs increased by 29 per cent).
  • Within London Boroughs, Camden has the highest proportion of Science and Technology category employees in total (at 32.9 per cent).

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