London's Economy Today - Issue 107 - July 2011

The overview

• modest UK economic growth as Greece receives second debt bailout
• IMF and the Eurozone agree to a new €109 billion bailout for Greece
• For now a disorderly Greek default has been avoided but how would such a disorderly default impact on London?

Economic indicators

• June 2011 saw an increase in new orders for London firms
• the PMI for new orders recorded 60.1 in July 2011 compared to 57.9 in June 2011
• annual house price inflation in London was 2.9% in Q2 2011, up from 2.1% in Q1 2011.

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