London’s rebound gets a boost but rest of UK should garner attention
Crossrail opening and the Bank branch of the Northern line coming back into action within the space of a fortnight? Ambassador, you are spoiling us.
Both are great news for the capital’s rebound from the pandemic, and in the case of the Northern line it’s particularly so for the Square Mile. It would perhaps be best described as unfortunate timing that the shift back to the office came just at the point that it became more difficult to do so, but perhaps the reopening of this vital artery will be another milestone in the City’s revival.
Indeed the good news seems to keep coming for the capital, despite the buffeting of global economic headwinds. The tie-up between Capco and Shaftesbury, if it goes ahead, will create not just a London-focused real estate behemoth but is also a wonderful vote of confidence in the return of the West End and in London’s enduring appeal.
It is however the case that London’s attractiveness as a home for investment, tourism and talent has not won it many friends in the rest of the country. Last week’s local elections saw Northern Ireland and Scotland both – to varying degrees – deliver a rebuke to London rule and perhaps to London’s economic dominance, too.
Indeed those results should be a wake-up call to those in government about the very fabric of the UK. For all their focus on ‘levelling up’ they have managed to at once alienate the two parts of the country most likely to break off and ignore the one that powers the economy, with predictable results in the capital.
A technical recession is unlikely to be the time when arguments about the economic downsides of independence for either Scotland or a Sinn Fein-led Northern Ireland will cut through. Those who believe in the power of the union must find a more emotional argument, or we’ll all end up poorer.