Some Londoners—like young people looking to get on the housing ladder—could get used to their city being a little bit less extraordinary. But if the capital suffers, the rest of the UK will lose out tooby Kat Hanna / July 18, 2017 / Leave a comment
London is going through a post-Brexit wobble. Decelerating job growth, declining business confidence and falling foreign direct investment suggest uncertainty about London’s future trajectory. An intriguing result of this slowdown is that London is beginning to look more like the rest of the UK. But what exactly does this mean for the capital, and why does it matter for those of us who don’t live there?
Centre for London’s latest publication, The London Intelligence, provides a quarterly analysis of the city’s prosperity, demographic changes, infrastructural challenges, and quality of life data—in terms of environment, crime, and health.
Several indicators show London’s economic trends falling into line with the rest of the UK. Average rents are now growing faster in the rest of the UK than they are in London. The rate of job growth is no longer highest in London, having historically outpaced the rest of the country, particularly in the post-recession years.
Nor are Londoners’ views as distinct from the rest of the UK as we may have expected. Recent polling from Ipsos Mori asked about the most important issues facing Britain today—the top two common issues in London and the UK were alike; Brexit and the NHS. Those from the capital are not out of touch with “real issues.”
How should we react to this news? Well, it depends who you ask. The image of an ever-expanding capital, unbalancing the UK economy with its voracious appetite for talent, trade, and investment has suited some people well. London-bashing is in vogue, as…