London's Economy Today November 2011

London’s Economy TodayIssue 111 | November 2011

UK economy grew in Q3 2011 but Eurozone problems cloud the horizonBy Christopher Lewis, Senior Economist, and Gordon Douglass, Economist

According to the second estimate of GDP from the Offi ce for National Statistics (ONS), the third quarter of 2011 saw UK GDP rise by 0.5 per cent (see Figure 1). This compares to an expansion of 0.1 per cent in Q2 2011. GDP is now still about 4 per cent below its pre recession peak.

In their preliminary estimate the ONS noted that “the interpretation of the estimate for Q3 is complicated by the special events in Q2 (for example, the additional bank holiday in April for the royal wedding), which are likely to have depressed activity in that quarter”. They observe that if Q2 and Q3 2011 are looked at together then GDP has grown by 0.6 per cent in the last two quarters combined. They further note that “there is no evidence that the riots in August had any signifi cant impact on GDP for Q3”.

In this issue

UK economy grew in Q3 2011 but Eurozone problems cloud the horizon .......................1

Latest news ......................1

Economic indicators .........5

Latest news... Employment and Population in London – New History, New Futures seminar Thursday 15 December 2011, 9.00am-12.30pm at City Hall, London SE1 2A The past changes almost as much as the future as new statistics emerge and new categories are developed. Recently, employment statistics have taken on board a new Industrial Classifi cation, refl ecting industries which did not even exist a few decades ago. This seminar brings to you new historical estimates of how London looked on the basis of these new sectors. Alongside this we also look at what this means for the future, for the balance between employment and population and how it is refl ected in productivity estimates. Bridget Rosewell, Chief Economic Advisor to the GLA, will be chairing the event.

To book your place, please register at http://15decemberemploymentandpopulationinlondon.eventbrite.co.uk/ or email [email protected] The event will be free of charge and places are strictly limited.

London’s Economy Today (LET) data to Datastore

The LET presence on Datastore aims to create more interaction and a greater personal focus for London’s Economy Today while also allowing for the incorporation of feedback and views from the readership.

http://data.london.gov.uk/londons-economy-today

http://data.london.gov.uk/londons-economy-today

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

2

Figure 1: UK GDP Growth

Source: Offi ce for National Statistics

The sectoral breakdown of the Q3 GDP fi gure shows that overall growth was dampened by a contraction in output in the construction sector which fell by 0.2 per cent in Q3 2011, after increasing by 1.1 per cent in Q2 2011. Output in the production industries grew by 0.4 per cent in Q3 2011, after falling by 1.2 per cent in Q2 2011. Total output in the services sector grew by 0.6 per cent in Q3 2011, after growing by 0.2 per cent in the previous quarter. Output in business services and fi nance (a sector of importance to London) increased by 1.0 per cent in Q3 2011 compared to 0.3 per cent in Q2 2011. GDP was 0.5 per cent higher in Q3 2011 compared with Q3 2010. Between Q3 2010 and Q3 2011 construction output fell 3.6 per cent, production industries output fell by 0.8 per cent whilst services sector output grew by 1.2 per cent (and within this, business services and fi nance grew by 1.2 per cent).

Turmoil in the EurozoneOn 27 October the Eurozone leaders agreed the outline to a three-pronged solution to the Eurozone sovereign debt crisis. The exact details are still being negotiated but the plan would likely involve something like the following: recapitalising Eurozone banks by just over €100bn by June 2012; private sector creditors (mainly banks) agreeing to write off 50 per cent of Greek sovereign debt; and leveraging up the resources of the bailout fund (the European Financial Stability Facility) to probably in the region of €1 trillion. Markets initially reacted positively to this news but political events in Greece and Italy quickly unsettled matters causing many Eurozone countries sovereign debt bond spreads over German bonds to rise (see Figure 2). Meanwhile the interest rate on UK government bonds has been falling to levels matching German government bonds.

-8

-6

-4

-2

0

2

4

6

8

10

12

1970

Q1

1971

Q3

1973

Q1

1974

Q3

1976

Q1

1977

Q3

1979

Q1

1980

Q3

1982

Q1

1983

Q3

1985

Q1

1986

Q3

1988

Q1

1989

Q3

1991

Q1

1992

Q3

1994

Q1

1995

Q3

1997

Q1

1998

Q3

2000

Q1

2001

Q3

2003

Q1

2004

Q3

2006

Q1

2007

Q3

2009

Q1

2010

Q3

year-on-year % change % change on previous quarter

%

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

3

On 1 November the Greek PM announced that Greece would hold a referendum on the rescue package which put the whole deal in jeopardy. However that policy was later reversed and a coalition government was formed before national elections are held, probably in February 2012. Problems were not confi ned to Greece with mounting concerns about the size of Italian government debt pushing its borrowing costs up to levels seen for Irish and Portuguese bonds just before they were bailed out. The situation was calmed slightly by the resignation of the Italian prime minister after the passing of a new austerity package and the forming of a new government over the weekend of 12-13 November. Nervousness about Spanish sovereign debt has also risen. Spain experienced zero output growth in Q3 2011 and has seen the cost of its borrowing reach unsustainable levels if it does not fall back. Meanwhile France has had to announce plans for further budget savings in 2012 and 2013 in an attempt to reassure markets and maintain its AAA sovereign debt rating. The ongoing sovereign debt crisis has led the European Union to downgrade its growth forecast in 2012 for the Eurozone to 0.5 per cent. In Q3 2011 output in the Eurozone only grew by 0.2 per cent (slower than in the UK). In response to this deteriorating growth outlook the European Central Bank cut interest rates in November to 1.25 per cent from 1.5 per cent and further cuts seem likely.

Growth expected to be slow in most developed countriesThe Bank of England stated in its November Infl ation Report that “the prospects for the UK economy have worsened … concerns about the solvency of several euro-area governments intensifi ed, increasing strains in banking and some sovereign funding markets. Household and business confi dence fell, both at home and abroad. These factors, along with the fi scal consolidation and squeeze on households’ real incomes, are likely to weigh heavily on UK growth in the near term”. Elsewhere the CBI has downgraded its UK growth forecast to 0.9 per cent in 2011 and 1.2 per cent in 2012. Internationally the OECD has reduced its growth forecasts with them now forecasting US growth of 1.7 per cent in 2011, 1.8 per cent in 2012 and 2.5 per cent in 2013. Eurozone growth is forecast at 1.6 per cent in 2011, 0.3 per cent in 2012 and 1.5 per cent in 2013. With regard to a crisis in the Eurozone that spread to other countries the OECD stated that “a deterioration of fi nancial conditions of the magnitude observed during the global crisis (between the latter half of 2007 and the fi rst quarter of 2009) could lead to a drop in the level of GDP in some of the major OECD economies of up to 5% by the fi rst half of 2013“.

Figure 2: Ten-year government bond

spreads over German government bonds,

percentage points

Last data point: 23/11/2011

Source: EcoWin

-5

0

5

10

15

20

25

30

35

02/0

1/20

08

02/0

3/20

08

02/0

5/20

08

02/0

7/20

08

02/0

9/20

08

02/1

1/20

08

02/0

1/20

09

02/0

3/20

09

02/0

5/20

09

02/0

7/20

09

02/0

9/20

09

02/1

1/20

09

02/0

1/20

10

02/0

3/20

10

02/0

5/20

10

02/0

7/20

10

02/0

9/20

10

02/1

1/20

10

02/0

1/20

11

02/0

3/20

11

02/0

5/20

11

02/0

7/20

11

02/0

9/20

11

02/1

1/20

11

Greece Spain Portugal Ireland Italy UK France

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

4

Near term outlook for London’s economy now weaker than earlier this yearThe New West End Company reported that year-on-year sales in the West End in October were down 4.1 per cent partially in response to the warm weather hindering the sale of winter stock. However it noted that “the Eurozone crisis and global slow-down in consumer confi dence is also evident in softer retail sales, with shoppers keeping a tighter hold on their wallets”. Looking at the global prospects for jobs growth the International Labour Organisation (ILO) in its World of Work Report 2011 observed that for the world economy “the latest indicators suggest that the employment slowdown has already started to materialize”. Meanwhile the OECD has said that every economy that it monitors slowed in September.

With the crisis in the Eurozone failing to be laid to rest it is the single biggest risk to the UK and London’s economic recoveries. The outlook for growth in the UK and London are subdued. Overall the Eurozone crisis is impacting negatively on business confi dence in London. It is also increasing turbulence in inter-bank lending markets which is raising the likelihood of another serious credit crunch. The supply of lending to London households and businesses in these circumstances would be restricted sharply, severely dampening economic prospects. In addition if the Eurozone heads into a recession this will adversely impact on London’s trade. Fortunately the capital is a global city so can take advantage of robust growth in emerging markets such as China. However it is not possible to completely shield itself from cold economic winds blowing across the Eurozone.

5

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

Economic indicatorsIncrease in moving average of passenger numbers The most recent 28 day period is from

18 September 2011 to 15 October 2011. Adjusted for odd days, London’s Underground and buses had 285.4 million passenger journeys; 193.6 million by bus and 91.9 million by Underground.

The moving average of passengers every period increased to 263.6 million from 263.0 million in the previous period. The moving average for buses was 177.0 million. The moving average for the Underground was 86.5 million.

The methodology used to calculate the number of bus passenger journeys was changed by TfL from 1 April 2007. For a detailed explanation please see LET issue 58 (June 2007).

Latest release: November 2011Next release: December 2011

Source: Transport for London

Passenger numbersjourneys (millions) adjusted for odd days

40

60

80

100

120

140

160

180

200

220

1992

/93

1993

/94

1994

/95

1995

/96

1996

/97

1997

/98

1998

/99

1999

/00

2000

/01

2001

/02

2002

/03

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

2008

/09

2009

/10

2010

/11

2011

/12

London Underground Bus (pre 1 April '07 method) Bus (new method)London Underground moving average Bus moving average (pre 1 April '07 method) Bus moving average (new method)

millions

Source: Transport for London

Average annual growth rate of passengers remains unchangedThe moving average annual rate of growth

in passenger journeys has remained constant at 2.0% from the previous period.

The moving average annual rate of growth in bus passenger journey numbers has remained constant at 1.5% from the previous period.

The moving average annual rate of growth in Underground passenger journey numbers fell to 3.1% from 3.2% in the previous period.


Annual % change in passengers using London Underground and busesadjusted for odd days

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

14

16

18

20

1994/95

1995/96

1996/97

1997/98

1998/99

1999/00

2000/01

2001/02

2002/03

2003/04

2004/05

2005/06

2006/07

2007/08

2008/09

2009/10

2010/11

2011/12

London Underground BusesUnderground plus bus London Underground moving averageBuses moving average LU and buses moving average

%

Source: Claimant Count, Nomis

Claimant count unemployment The percentage of the resident working

age population who are unemployed and claiming Jobseekers’ Allowance (seasonally adjusted) in London was 4.4% in October 2011.

There were 236,700 seasonally adjusted unemployment claimants in London in October 2011 compared with a downwardly revised 235,100 in September 2011.

There were 1,598,400 seasonally adjusted unemployment claimants in the UK in October 2011 compared with a downwardly revised 1,593,100 in September 2011.


Claimant count unemployment % of working age population, seasonally adjusted

0

1

2

3

4

5

6

7

8

1997

Jan

1998

Jan

1999

Jan

2000

Jan

2001

Jan

2002

Jan

2003

Jan

2004

Jan

2005

Jan

2006

Jan

2007

Jan

2008

Jan

2009

Jan

2010

Jan

2011

Jan

%

London UK

6

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

Source: Experian Economics

Faster annual output growth in London than in the UK in Q2 2011London’s annual growth in output

decreased to 1.5% in Q2 2011 from 2.5% in Q1 2011.

Annual output growth in the UK decreased to 0.8% in Q2 2011 from 1.7% in Q1 2011.

In Q2 2011 London’s annual growth rate was faster than in the UK as a whole.

Latest release: November 2011Next release: February 2012

Real GVA growth in London and the UK year-on-year change

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

1983

q1

1984

q1

1985

q1

1986

q1

1987

q1

1988

q1

1989

q1

1990

q1

1991

q1

1992

q1

1993

q1

1994

q1

1995

q1

1996

q1

1997

q1

1998

q1

1999

q1

2000

q1

2001

q1

2002

q1

2003

q1

2004

q1

2005

q1

2006

q1

2007

q1

2008

q1

2009

q1

2010

q1

2011

q1

%

London UK

Source: Experian Economics

Positive annual employment growth in London in Q2 2011 London’s annual employment growth

increased to 1.0% in Q2 2011 from -0.6% in Q1 2011.

Annual employment growth in the UK decreased to -0.4% in Q2 2011 from 0.1% in Q1 2011.

In Q2 2011 London’s annual employment growth was positive whilst that of the UK as a whole was negative.

Latest release: November 2011Next release: February 2012

Full-time equivalent employment in the UK and Londonyear-on-year growth from quarterly figures

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

1989

q1

1990

q1

1991

q1

1992

q1

1993

q1

1994

q1

1995

q1

1996

q1

1997

q1

1998

q1

1999

q1

2000

q1

2001

q1

2002

q1

2003

q1

2004

q1

2005

q1

2006

q1

2007

q1

2008

q1

2009

q1

2010

q1

2011

q1

%

London UK

Source: Halifax house price index

Annual house price infl ation rising in London as measured by the Halifax House prices, as measured by the Halifax,

were higher in Q3 2011 than in Q3 2010 in London but not in the UK.

Annual house price infl ation in London was 2.3% in Q3 2011, up from -1.2% in Q2 2011.

Annual house price infl ation in the UK was -2.2% in Q3 2011, up from -3.5% in Q2 2011.

Latest release: October 2011Next release: January 2012

House prices, UK and Londonyear-on-year growth from quarterly figures, seasonally adjusted data

-25

-20

-15

-10

-5

0

5

10

15

20

25

30

35

1989

q1

1989

q3

1990

q1

1990

q3

1991

q1

1991

q3

1992

q1

1992

q3

1993

q1

1993

q3

1994

q1

1994

q3

1995

q1

1995

q3

1996

q1

1996

q3

1997

q1

1997

q3

1998

q1

1998

q3

1999

q1

1999

q3

2000

q1

2000

q3

2001

q1

2001

q3

2002

q1

2002

q3

2003

q1

2003

q3

2004

q1

2004

q3

2005

q1

2005

q3

2006

q1

2006

q3

2007

q1

2007

q3

2008

q1

2008

q3

2009

q1

2009

q3

2010

q1

2010

q3

2011

q1

2011

q3

London UK

%

7

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

Source: Markit Economics

London’s business activity just increasingLondon fi rms increased their output of

goods and services in October 2011.The Purchasing Managers’ Index (PMI)

of business activity recorded 50.4 in October 2011 compared to 54.4 in September 2011.

A rate of above 50 on the index indicates an increase in business activity from the previous month.


Business activity in Londonseasonally adjusted index (50 indicates no change on previous month)

40

45

50

55

60

65

70

Jan-

97

May

-97

Sep-

97

Jan-

98

May

-98

Sep-

98

Jan-

99

May

-99

Sep-

99

Jan-

00

May

-00

Sep-

00

Jan-

01

May

-01

Sep-

01

Jan-

02

May

-02

Sep-

02

Jan-

03

May

-03

Sep-

03

Jan-

04

May

-04

Sep-

04

Jan-

05

May

-05

Sep-

05

Jan-

06

May

-06

Sep-

06

Jan-

07

May

-07

Sep-

07

Jan-

08

May

-08

Sep-

08

Jan-

09

May

-09

Sep-

09

Jan-

10

May

-10

Sep-

10

Jan-

11

May

-11

Sep-

11

index

London


New orders in London risingOctober 2011 saw an increase in new

orders for London fi rms.The PMI for new orders recorded 52.9

in October 2011 compared to 56.8 in September 2011.

A rate of above 50 on the index indicates an increase in new orders from the previous month.


New orders in Londonseasonally adjusted index (50 indicates no change on previous month)

35

40

45

50

55

60

65

70

Jan-

97M

ay-9

7Se

p-97

Jan-

98M

ay-9

8Se

p-98

Jan-

99M

ay-9

9Se

p-99

Jan-

00M

ay-0

0Se

p-00

Jan-

01M

ay-0

1Se

p-01

Jan-

02M

ay-0

2Se

p-02

Jan-

03M

ay-0

3Se

p-03

Jan-

04M

ay-0

4Se

p-04

Jan-

05M

ay-0

5Se

p-05

Jan-

06M

ay-0

6Se

p-06

Jan-

07M

ay-0

7Se

p-07

Jan-

08M

ay-0

8Se

p-08

Jan-

09M

ay-0

9Se

p-09

Jan-

10M

ay-1

0Se

p-10

Jan-

11M

ay-1

1Se

p-11

index

London


Businesses report slightly higher employment in OctoberThe PMI shows that the level of

employment in London fi rms increased slightly in October 2011.

The PMI for the level of employment was 50.3 in October compared to 51.0 in September 2011.

A rate of above 50 on the index indicates an increase in the level of employment from the previous month.


Level of employment in Londonseasonally adjusted index (50 indicates no change on previous month)

35

40

45

50

55

60

65

Jan-

97M

ay-9

7Se

p-97

Jan-

98M

ay-9

8Se

p-98

Jan-

99M

ay-9

9Se

p-99

Jan-

00M

ay-0

0Se

p-00

Jan-

01M

ay-0

1Se

p-01

Jan-

02M

ay-0

2Se

p-02

Jan-

03M

ay-0

3Se

p-03

Jan-

04M

ay-0

4Se

p-04

Jan-

05M

ay-0

5Se

p-05

Jan-

06M

ay-0

6Se

p-06

Jan-

07M

ay-0

7Se

p-07

Jan-

08M

ay-0

8Se

p-08

Jan-

09M

ay-0

9Se

p-09

Jan-

10M

ay-1

0Se

p-10

Jan-

11M

ay-1

1Se

p-11

index

London

8

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

Source: Royal Institution of Chartered Surveyors

Surveyors report that house prices are rising in London The RICS survey shows a positive net

balance of 41 for London house prices over the three months to October 2011.

Surveyors reported a negative net house price balance for England and Wales of -24 over the three months to October 2011.

London’s net house price balance is higher than that of England and Wales.


RICS housing market survey net balance in London and in England and Wales; seasonally adjusted data

-100

-80

-60

-40

-20

0

20

40

60

80

100

Jan

-00

Ap

r-0

0

Jul-

00

Oct

-00

Jan

-01

Ap

r-0

1

Jul-

01

Oct

-01

Jan

-02

Ap

r-0

2

Jul-

02

Oct

-02

Jan

-03

Ap

r-0

3

Jul-

03

Oct

-03

Jan

-04

Ap

r-0

4

Jul-

04

Oct

-04

Jan

-05

Ap

r-0

5

Jul-

05

Oct

-05

Jan

-06

Ap

r-0

6

Jul-

06

Oct

-06

Jan

-07

Ap

r-0

7

Jul-

07

Oct

-07

Jan

-08

Ap

r-0

8

Jul-

08

Oct

-08

Jan

-09

Ap

r-0

9

Jul-

09

Oct

-09

Jan

-10

Ap

r-1

0

Jul-

10

Oct

-10

Jan

-11

Ap

r-1

1

Jul-

11

Oct

-11

London net balance England and Wales net balance

Source: Royal Institution of Chartered Surveyors

Surveyors expect house prices to rise in London The RICS survey shows that surveyors

expect house prices in London to rise over the next three months but to continue to fall in England and Wales.

The net house price expectations balance in London was 6 in October 2011.

For England and Wales, the net house price expectations balance was -22 in October 2011.


RICS housing market survey house price expectations; net balance in London, and in England and Wales;

seasonally adjusted data

-100

-80

-60

-40

-20

0

20

40

60

80

Jan

-00

Ap

r-0

0

Jul-

00

Oct

-00

Jan

-01

Ap

r-0

1

Jul-

01

Oct

-01

Jan

-02

Ap

r-0

2

Jul-

02

Oct

-02

Jan

-03

Ap

r-0

3

Jul-

03

Oct

-03

Jan

-04

Ap

r-0

4

Jul-

04

Oct

-04

Jan

-05

Ap

r-0

5

Jul-

05

Oct

-05

Jan

-06

Ap

r-0

6

Jul-

06

Oct

-06

Jan

-07

Ap

r-0

7

Jul-

07

Oct

-07

Jan

-08

Ap

r-0

8

Jul-

08

Oct

-08

Jan

-09

Ap

r-0

9

Jul-

09

Oct

-09

Jan

-10

Ap

r-1

0

Jul-

10

Oct

-10

Jan

-11

Ap

r-1

1

Jul-

11

Oct

-11

London net balance England and Wales net balance

Source: GfK NOP on behalf of the European Commission

Consumer confi dence remains negative The GfK index of consumer confi dence

refl ects people’s views on their fi nancial position and the general economic situation over the past year and their expectations for the next 12 months (including whether now is a good time to make major purchases). A score below zero signifi es negative views of the economy.

For Greater London the consumer confi dence score increased to -24 in October 2011 from -27 in September 2011.

For the UK the consumer confi dence score decreased to -32 in October 2011 from -30 in September 2011.

Latest release: October 2011Next release: November 2011

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

Feb

-05

Jun

-05

Oct

-05

Feb

-06

Jun

-06

Oct

-06

Feb

-07

Jun

-07

Oct

-07

Feb

-08

Jun

-08

Oct

-08

Feb

-09

Jun

-09

Oct

-09

Feb

-10

Jun

-10

Oct

-10

Feb

-11

Jun

-11

Oct

-11

Greater London UK

Consumer confidence barometer score

Lond

on’s

Eco

nom

y To

day

| I

ssue

111

9

Additional information

Data sourcesTube and bus ridership Transport for London on 020 7222 5600 or email: enquire@tfl .gov.ukGVA growth Experian Economics on 020 7746 8260Unemployment rates www.statistics.gov.uk

GlossaryCivilian workforce jobs Measures jobs at the workplace rather than where workers live. This indicator captures total

employment in the London economy, including commuters.Claimant count unemployment Unemployment based on the number of people claiming unemployment benefi ts.Employee jobs Civilian jobs, including employees paid by employers running a PAYE scheme. Government

employees and people on training schemes are included if they have a contract of employment. Armed forces are excluded.

Gross domestic product (GDP) A measure of the total economic activity in the economy.Gross value added (GVA) Used in the estimation of GDP. The link between GVA and GDP is that GVA plus taxes on

products minus subsidies on products is equal to GDP.Tube ridership Transport for London’s measure of the number of passengers using London Underground in a

given period. There are 13 periods in a year. In 2011/12 there are eleven 28-day periods, one 27-day period and one 30-day period. Period 1 started on 1 April 2011.

Bus ridership Transport for London’s measure of the number of passengers using buses in London in a given period. There are 13 periods in a year. In 2011/12 there are eleven 28-day periods, one 27-day period and one 30-day period. Period 1 started on 1 April 2011.

AcronymsABI Annual Business InquiryBAA British Airports AuthorityBCC British Chamber of CommerceCAA Civil Aviation AuthorityCBI Confederation of British IndustryCLG Communities and Local GovernmentGDP Gross domestic productGVA Gross value addedILO International Labour Organisation

IMF International Monetary FundLCCI London Chamber of Commerce and IndustryLET London’s Economy TodayMPC Monetary Policy CommitteeONS Offi ce for National StatisticsPMI Purchasing Managers’ IndexPWC PricewaterhouseCoopersRICS Royal Institution of Chartered Surveyors

GLA EconomicsCity HallThe Queen’s WalkLondon SE1 2AA

Tel 020 7983 4922 Email [email protected] 020 7983 4137 Internet www.london.gov.uk

© Greater London AuthorityNovember 2011

ISSN 1740-9136 (print) ISSN 1740-9195 (online) ISSN 1740-9144 (email)

London’s Economy Today is published by email and on www.london.gov.uk towards the end of every month. It provides an overview of the current state of the London economy, and a selection of the most up-to-date data available. It tracks cyclical economic conditions to ensure they are not moving outside the parameters of the underlying assumptions of the GLA group.

SubscribeSubscribe online at http://www.london.gov.uk/webform/gla-intelligence-news-email

DisclaimerGLA Economics uses a wide range of information and data sourced from third party suppliers within its analysis and reports. GLA Economics cannot be held responsible for the accuracy or timeliness of this information and data.

GLA Economics, Transport for London, the London Development Agency and the Greater London Authority will not be liable for any losses suffered or liabilities incurred by a party as a result of that party relying in any way on the information contained in this publication.

Other formatsFor a summary of this document in your language, or a large print, Braille, disc, sign language video or audio tape version, please contact us at the address below:

Public Liaison UnitGreater London Authority Tel 020 7983 4100City Hall Minicom 020 7983 4458The Queen’s Walk www.london.gov.ukLondon SE1 2AA

Please provide your name, postal address and state the publication and format you require.

About GLA EconomicsGLA Economics provides expert advice and analysis on London’s economy and the economic issues facing the capital. Data and analysis from GLA Economics provide a sound basis for the policy and investment decisions facing the Mayor of London and the GLA group. The unit was set up in May 2002.

London's Economy Today November 2011

Documents

Transcript of London's Economy Today November 2011