London Stalling: Half a Century of living standards in London
London Stalling analyses London's economic and living standards performance over the last 50 years. Its findings counter the idea that London's economy has outperformed the economy of the rest of the UK since the financial crisis.
While London's economy has grown more than the rest of the UK's since 2007, this growth has been driven by rising employment and hours rather than productivity improvements. This employment growth has, in turn, largely come from low-paying, low-productivity sectors. As a result, London's productivity has actually fallen by 1% over the last decade, compared to an increase of 1.5% across the UK as a whole.
For people on low-incomes, though living standards have improved in absolute terms, the capital is probably a more challenging place than ever before in relative terms. Employment rates have improved significantly, and pay is higher too. But the rising housing costs, wealth inequality and the diminished impact of the National Living Wage in London creates unique cost pressures for Londoners.
London has lots of aspects needed for a city to flourish - high employment, a well educated workforce and the highest concentration of high paying sectors in the country. But the city's response to many old and new challenges it faces will determine how Londoner's living standards evolve in the future. This success will greatly affect the UK a a whole, not just because of the importance of London on the wider UK economy, but because many of the issues facing London are problems which the rest of the country must also contend with.
Read the London Stalling report below
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From our Twitter
HEAR are hosting a free, all day event to highlight the many sides of London's LGBT+ community on Friday October 12th at 45 White Lion Street, N19PW. Email email@example.com to RSVP or to find out more.22 Sep 2018
Wetherspoons, McDonalds and TGI Fridays staff are planning to strike over pay, working conditions, and union recognition. London's Poverty Profile finds that almost two thirds of London jobs in hotels and restaurants don't pay the real living wage. https://news.sky.com/story/mcdonalds-wetherspoon-and-tgi-fridays-workers-plan-strike-11503079 … pic.twitter.com/94cAMSGsRp21 Sep 2018
Wages are higher in London than in the rest of the country, but not high enough to cover the engorged cost of living in the capital. Housing costs are the most significant contributor to this. We need more housing which ordinary Londoners can afford to rent. #ukhousing21 Sep 2018
The UK's housing problems are complex, and we need a brave vision to address it. But in London, there is one aspect of it which is straightforward. We need to build more homes. The UK's top 5 hotspots for supply shortages are all in London. https://news.sky.com/story/line-18-uks-housing-crisis-wont-be-solved-by-building-more-homes-11503447 … pic.twitter.com/2c8ttiPwlo21 Sep 2018