COVID-19 and London's Economy - impacts and economic outlook (from the GLA)
This paper summarises the latest evidence and analysis on the impacts of COVID-19 on London’s economy so far and on the economic outlook so that key actors and stakeholders engaged in responding to the pandemic can have a readily available evidence base to inform policy responses.
The analysis shows that London is suffering severe economic impacts from COVID-19 and in many respects (business closures, labour market, expenditure, footfall) is doing worse than other places in the UK.
The drivers and sectoral impacts of the COVID-19 crisis are also rather unique and do not resemble any other recent recession, with a number of features of London (its density, economic geography, role as a magnet for tourism and visitors, exposure to the global economic climate and the importance of retail, cultural and recreational industries) creating unique vulnerabilities. Therefore, it cannot be taken for granted that just because London’s economy has bounced back quickly from previous recessions it will necessarily do so this time around in the absence of well targeted recovery policies and support.
We hope that you will find our work of interest. If you have any questions related to the research please email GLA Economics.