UK GDP forecast to shrink by around 10 per cent in 2020 October 1, 2020 Economic forecasters expect UK GDP to contract by around 10 per cent in 2020 following a tightening of coronavirus restrictions. New research published today by PwC has forecast a contraction of between 11 and 12 per cent for the year, while S&P Global has predicted the UK economy will contract by 9.7 per cent. Both [...]
London businesses show signs of recovery post-lockdown September 30, 2020 There are encouraging signs that businesses in the capital are on the road to recovery after emerging from lockdown. Despite a bleak year for firms across a broad range of sectors, a new poll of London businesses show a slight improvement in business conditions in the third quarter. The majority of the firms surveyed by [...]
Lockdown entrepreneurs given chance to secure West End retail space September 29, 2020 Entrepreneurs that have established new brands during the UK coronavirus lockdown could secure physical retail space in the West End through a pop-up incubator initiative. West End landlord Shaftesbury has launched a scheme to offer retailers the chance to operate from a pop-up store in Seven Dials in a bid to support new businesses. The [...]
Report: ‘Worst-case’ Covid-19 scenario could “wipe out” London’s cultural sector September 29, 2020 The West End could suffer a 97 per cent slump in added value by 2024 if stricter long-term coronavirus restrictions are imposed, businesses have warned. A new report showed that the Covid-19 pandemic could cost the West End’s arts and culture sector £4.7bn annually in 2024 under a “worst case scenario” involving a year-long lockdown. [...]
Westfield’s Tudor period September 28, 2020 Stepping well and truly from the shadow of big brother Rolex, Tudor has cut the ribbon on a spectacular debut European boutique, in partnership with Watches of Switzerland, right here in London Town. Alex Doak reports When Hans Wilsdorf patented the dial name ‘Tudor’ back in 1926, little could he have known what journey it [...]
There’s no place like work: Office spaces still have a future September 28, 2020 There is talk that working from home has become so ingrained and that the old working arrangements are so untenable in this new socially distanced and digitally enhanced world, that it will force city centre offices to be entirely repurposed — and perhaps turned into vertical rabbit hutch towers of studio flats. This debate is [...]
As well as protecting jobs, the government must enable a safe return to the workplace September 28, 2020 Fittingly, the weather has taken a turn for the worse over the last week just as the economic headwinds facing the UK risk turning into a perfect storm. After many months of lockdown, the number of people returning to their City workplace had visibly started to pick up in recent weeks – particularly as schools [...]
We must find a new way of funding Transport for London September 25, 2020 London without the tube would be like the Shard without any lifts. And, just like the lifts in the Shard, it costs pretty much the same amount of money to run the tube every day, regardless of how many people use it. But unlike the lifts in the Shard (and unlike any comparable metro system [...]
Economists raise fears over Rishi Sunak’s new job support plan September 24, 2020 Economists this afternoon raised concerns that Rishi Sunak’s new support measures could lead to many workers losing their jobs as they do not encourage firms to keep employees on. The centrepiece of the chancellor’s scheme is a new “Job Support Scheme”, which will replace the existing furlough initiative. Under the plan, the government will support [...]
FTSE 100 surges after restrictions ‘not as tough’ as feared but US stocks mixed September 23, 2020 The FTSE 100 jumped as it continued to recover from Monday’s rout, while US stocks were mixed as investors weighed up the chances of fresh stimulus. London’s blue-chip index was up 1.7 per cent at 5,926 points, edging it closer to the 6,000 threshold. The FTSE 250 was up 1.05 per cent. Read more: Coronavirus: [...]