London Monitor: London’s economy is slowing

Recent evidence clearly shows the London economy slowing. We have trimmed our forecast for GVA growth in 2022 to 4.1% and expect only 1.8% in 2023.

What you will learn:

• The latest evidence from the IHS Markit Purchasing Managers’ Index suggests that business activity in London slowed in April, with further weakening expected.
• The Labour Force Survey indicates that resident employment in London fell in Q1 2022, and although the latest PAYE data suggest that employment rose and continued to do so in April, the gains were weak. May saw a fall in online job adverts.
• For the first time in six months, house prices in London fell in March. April saw a rise in private sector housing rents, with residents holding back from big purchase decisions.