London's Economy Today - Issue 163 - March 2016

The overview

• UK growth forecasts cut as Chancellor announces business rates devolution to London
• ECB extends quantitative easing
• London ranked highly in European university rankings but also as a costly global city

Economic indicators

• New orders in London rising with the PMI for new orders recorded 54.7 in February 2016 compared to 58.0 in January 2016.
• Surveyors report that house prices are increasing in London with the RICS Residential Market Survey showing a positive net balance of 3 for London house prices over the three months to February 2016.
• Consumer confidence positive in London (with the consumer confidence score at 9 in March 2016, down from 18 in February 2016 and neutral in the UK (with the consumer confidence score at 0 in March 2016, holding constant from 0 in February 2016).

LET supplement: Regional, sub-regional and local GVA estimates for London, 1997-2014

• In 2014, London’s total nominal GVA (as measured by GVA (I) ) was over £364 billion (up 6.8 per cent on 2013), helped by strong growth in real estate (12.8 per cent) and finance and insurance activities (11.6 per cent). Inner London accounts for 68 per cent of London’s GVA, with Inner London – West alone accounting for 42 per cent of the total.
• London accounted for 22.5 per cent of the UK’s total GVA in 2014, up from 22.0 per cent in 2013. London has the highest GVA per head at £42,666, 71 per cent higher than UK GVA per head of £24,958.
• In 2014, nearly 19 per cent of London’s GVA was generated by the Financial and insurance industry, accounting for 52 per cent of the UK’s total GVA in the Financial and insurance industry and 4.3 per cent of the UK’s total GVA.

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