London's Economy Today - Issue 73 - September 2008

The overview

• turmoil on global financial markets
• increasing signs of a UK slowdown with forecasts of a recession
• inflation rises again but should ease in 2009

Economic indicators

• London firms increased their output of goods and services in August 2008
• the PMI of business activity recorded 51.2 in August compared to 46.2 in July
• The DCLG reported a decrease in annual house price infl ation in London and the UK in Q2 2008

Filling the coffers: London’s tax export

• GLA Economics will soon be publishing research on London’s tax export
• GLA Economics has in the past produced estimates of London’s tax export
• we have reviewed our previous approach and developed a new methodology incorporating improvements

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