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London's Economy Today

LET Issue 157 September 2015

The Overview

  • Inflation in the UK falls back to zero.
  • Further signs of a global slowdown.
  • Confidence in London remains generally high but concerns about the global economy cloud the horizon.

Economic indicators

  • New orders in London rising with the PMI for new orders recorded at 59.4 in August 2015.
  • Surveyors report that house prices are increasing in London with the RICS Residential Market Survey showing a positive net balance of 34 for London house prices over the three months to August 2015.
  • Consumer confidence positive in London and the UK with the consumer confidence score at 17 in London in August 2015, down from 18 in July 2015 while for the UK the consumer confidence score stood at 7 in August 2015, up from 4 in July 2015.

Zero-hours contracts in London

  • It is estimated that there are less than 100,000 people currently employed on contracts that do not guarantee minimum working hours in London.
  • Zero-hours contracts are a more prevalent form of employment (when compared to other forms of employment) for young workers and those aged 65 and older.
  • Women make up a larger proportion of individuals that report working on zero-hours contracts when compared to men.

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