Last week, London Chamber of Commerce and Industry (LCCI) launched their latest London Quarterly Economic Survey with Capital 500 for Q2 2015. They surveyed 510 London business leaders between 7 and 20 May this year.
The headlines for London's performance in Q2 include: a 3% reported increase in domestic sales; a 6% reported decrease in cash flow; a 4% decrease in employment; and a 6% increased investment in training (note that these are balance figures that represent the percentage of firms that reported an increase minus the percentage that reported a decrease).
At the launch of this latest report and commenting on the data was James Ashton, Executive Editor, Evening Standard, The Independent, The Independent on Sunday, i; Katharine Peacock, Managing Director, ComRes; Vicky Pryce, Chief Economic Adviser, CEBR; and Colin Stanbridge, Chief Executive, London Chamber of Commerce and Industry.
Katharine Peacock presented the results, and caveated them with the fact that the metrics will have been influenced by the timing of the survey - the data was collected during the uncertainty of the election period and in the days following the result. However, on the whole, metrics were still an improvement on Q1. She pointed out that employment is consistent and expectations are rising, as indicated by the investment in training. Although she added that skilled and manual technical labour is low and business leaders are experiencing problems getting the right staff. Colin Stanbridge said that for London, which is built on migrant workers, it would be best to avoid any further restrictions in this space.
Read the full article here.