London's Economy Today

LET Issue 148 December 2014

The Overview

  • Chancellor announces reform of residential Stamp Duty in Autumn Statement
  • Forecasts for near-term UK growth are raised; public borrowing forecasts dependent on spending cuts
  • Newly released data shows London’s economy grew faster than for the UK as a whole in 2013

Economic indicators

  • New orders in London rising with the PMI index standing at 59.2 in November
  • London’s business activity continues to increase with the PMI standing at 57.6 in November
  • Surveyors report that house prices are decreasing in London but rising in England and Wales with a negative net balance of -40 for London

London Business Survey 2014: Main Findings

  • London is rated highly as a place to do business, though less favourably in terms of the cost of living
  • London businesses are ambitious and optimistic about the economic outlook, but unsure of how quickly this will translate into jobs
  • London business units are net exporters of goods and services

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