An epidemic that hit English capital harder than the rest (Peter Nichols / Reuters)
London It emerges from a lockout under the influence of Brexit and an epidemic that has hit the UK capital far more strongly than other regions, raising questions about its ability to drive the country’s economic recovery. According to official data, the city accounts for a quarter of UK production and caused a nearly 30% drop in wages across the country last year. People are moving to the suburbs and elsewhere in search of space, and the UK’s exit from the EU is undermining high-paying jobs in the financial sector.
These are just some of the headaches facing Europe’s largest city as Prime Minister Boris Johnson relaxes rules that have paralyzed much of the economy. With so many restrictions in place until the end of June, London is beginning to tackle the long-term trends of leaving its resources, namely long-distance work and tight border controls due to Brexit and the virus.
London has lost more than 230,000 formal jobs since the outbreak beganLondon has lost more than 230,000 formal jobs since the outbreak (HM Revenue and Customs / Bloomberg) began.
“London is struggling, and if I were the national government, I would be deeply concerned,” said Andrew Carter, chief executive of the Center for Cities, a non-partisan research group.
When it comes to life in New York, much of London is paralyzed. Office staff were told to stay home until June 21, when events and nightclubs were inactive. Thousands of migrants who once worked in the burgeoning tourism sector have left, and new visa rules will make it harder for many of them to return after Brexit.
The Brexit finance district has also been hit by the end of the banks’ automatic right to trade on the continent. More than 440 financial institutions have transferred some of their operations to the EU, resulting in approximately 7,400 job changes and 900 900 billion ($ 1.2 trillion) in assets.
These factors will weigh on the next mayor’s term, as he is expected to revive a vibrating economy and revive a transportation system, with uncertainty about how many office workers will stay home and how many days a week there will be.
Labor executive mayor Sadiq Khan will face Conservative opponent Shawn Bailey in the May 6 election, while one in seven employees in London – many in the hotel and hospitality sectors. Retail – Rely on government subsidies.
Even after the control measures are over, many will continue to divide the time between home and office. According to a study by the London Chamber of Commerce and Industry, half the companies plan to work remotely in some way.
Residential rents are low everywhere except in a few places around LondonHousing rents fell everywhere except in the London suburbs (Jubla Rental Schedule / Bloomberg).
Meanwhile, many migrant workers have returned to their homeland amid epidemics. The post-Brexit immigration rules indicate that they will have a difficult time returning to London.
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