London hit by Brexit ‘wobble’ as fewer Europeans come to work in capital

PUBLISHED: 10:01 18 July 2017 | UPDATED: 14:24 18 July 2017

PA Wire/PA Images

PA Wire/PA Images

PA Wire/PA Images

London’s economy is “wobbling” due to the aftershock of the Britain’s decision to back Brexit, according to a new report.

Research by think tank the Centre for London concludes that the looming EU exit could be a factor in reducing numbers of Europeans coming to the capital to work, a slowdown in job creation, declining business confidence and decelerating house price growth.

The think tank found that registrations for new national insurance numbers by foreign workers have fallen by 15% in London during the last year, with three-quarters of the fall accounted for by a drop in EU migration.

And its research found that job growth was slowing for the first time since 2015 to lag behind the rate in the rest of the UK.

Year-on-year house price growth was under 3% for the three months to April 2017, the lowest level in London since 2012, while increases in private rental values dropped below 2% to their lowest rate since 2010.

The research, released to coincide with the first edition of the Centre’s new London Intelligence publication, noted that the capital’s unemployment rate was at an historic low of 5.5% and that there had been a reduction in the number of young people not in education, employment or training.

Centre for London director Ben Rogers said: “London has shown remarkable resilience in the years following the recession. But its growth has not been painless. Levels of inequality have soared. Congestion, pollution and the housing shortage have all worsened.

“While no-one knows how Brexit will play out, this new analysis suggests that London’s economy is beginning to wobble. It also highlights the need to tackle London’s critical challenges to ensure it is in the best possible position to deal with Brexit.

“Through The London Intelligence, Centre for London will continue to deepen our understanding of how London is changing in real-time, and identify whether these are bumps in the road or changes in direction for London.”

You've seen the news, now discover the story

The New European is committed to providing in-depth analysis of the Brexit process, its implications and progress as well as celebrating European life.

Try 13 weeks for £13

Support The New European's vital role as a voice for the 48%

The New European is proud of its journalism and we hope you are proud of it too. We believe our voice is important - both in representing the pro-EU perspective and also to help rebalance the right wing extremes of much of the UK national press. If you value what we are doing, you can help us by making a contribution to the cost of our journalism.

  • Become a friend of The New European for a contribution of £48. You will qualify for a mention in our newspaper (should you wish)
  • Become a partner of The New European for a contribution of £240. You will qualify for a mention in our newspaper (should you wish) and receive a New European Branded Pen and Notebook
  • Become a patron of The New European for a contribution of £480. You will qualify for a mention in our newspaper (should you wish) and receive a New European Branded Pen and Notebook and an A3 print of The New European front cover of your choice, signed by Editor Matt Kelly

By proceeding, you agree to the New Europeans supporters club Terms & Conditions which can be found here.



Supporter Options

Mention Me in The New European



If Yes, Name to appear in The New European



Latest Articles

ANTI-BREXIT EVENTS

Grassroots anti-Brexit campaigners are increasing the pressure on politicians ahead of a series of important votes this year. Here is a list of the events organised across Britain in the coming weeks and months.

Trending

Newsletter Sign Up

The New European weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy