London's Economy Today - Issue 183 - November 2017

The overview

• UK Government delivers Budget and updated Industrial Strategy amid gloomy economic forecasts
• Brexit uncertainties continue
• London’s economy performs relatively well

Economic indicators

• further decline in London Underground usage with the moving average annual rate of change in the number of Underground passenger journeys remaining at -0.2 per cent for the second month in a row. This follows almost 8 years of positive growth
• London businesses report the strongest rise in new orders since May with the PMI New Business Index for London rising to 55.5 in October, up from 54.0 in September. An index reading above 50.0 indicates an increase in new orders from the previous month
• house price expectations fall further in London with the net balance at -50 in October, down from -48 in September, and was one of the lowest since early 2009

London’s Economy Today supplement: EEA workers in London

• workers born in the rest of the EEA are an increasingly important part of the London economy with an estimated 14 per cent – approximately 748,000 – of jobs filled by EEA workers in 2016, compared to 6 per cent in the rest of the UK.
• they tend to be relatively young and highly qualified compared to their counterparts born in the UK or non-EEA countries, although a significant proportion (44 per cent) of EEA-born graduates were working in non-graduate roles in 2016
• EEA workers in London also make a particularly strong contribution in certain industries. This includes making up almost a third (32 per cent) of the capital’s jobs in the construction and accommodation and food sectors in 2016 – as well as a high number of jobs in a range of other sectors

London’s Economy Today data on the Datastore

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