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
The new @NatCen report on #WhatLondonThinks is out today. It finds that Londoners attitudes are closely aligned to Scots on a range of issues, such as welfare, interest in politics, and how liberal they are. Read the full report here: https://www.trustforlondon.org.uk/publications/what-britain-thinks-comparing-views-across-london-and-other-regions/ … pic.twitter.com/1Er3M3FLB318 Jul 2018
Follow Trust for London on Facebook for updates about our recent publications, and upcoming events you might be interested in. https://www.facebook.com/trustforlondon/19 Jul 2018
London needs a pay rise. 1 in 5 Londoners are low-paid, and most Londoners in poverty are now from working families. We need more employers to pay the living wage, to help ordinary people get by in the capital. Read about the real living wage here: https://www.trustforlondon.org.uk/issues/work/london-living-wage/ …19 Jul 2018
"Interviews with young black men working or looking for jobs in the city found that almost 1 in 3 cite racial discrimination as the main reason why fewer young black men are working in finance roles." Our Moving on Up programme is seeking to combat this. http://www.voice-online.co.uk/article/time-city-firms-reach-out-londons-young-black-men …19 Jul 2018
Thousands of sick and disabled people have been wrongly given too little ESA for years. DWP have now agreed to refund people all the way back to 2011. https://www.mirror.co.uk/news/politics/sick-disabled-people-win-100million-12942758 …19 Jul 2018