London's Economy Today

LET Issue 139 March 2014

The Overview

  • The OBR revised up its forecast for economic growth in the UK for this year and next against a backdrop of a generally fiscally neutral Budget.
  • The cyclically-adjusted current budget in 2018/19 is forecast to be in surplus by 1.5 per cent of GDP. National debt is predicted to begin falling by 2016/17 and to stand at 74.2 per cent of GDP by 2018/19.
  • Government working with the Mayor and the GLA to develop proposals for extending the Overground rail extension to Barking Riverside to ensure that the construction of 11,000 new homes will go ahead.

Economic indicators

  • London’s business activity increasing
  • New orders in London rising
  • Surveyors report that house prices are rising

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