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Think tank report says London faces economic wobble after Brexit

Staff Writer |
Britain's decision to leave the EU has already brought signs of a post-Brexit "wobble" in London's economy, as growth in business activity slows and more people leave the city.

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"Our new analysis points to a post-Brexit wobble with fewer Europeans coming here for work, and a slowdown in job creation and business confidence," said the Centre for London think tank.

The report also highlighted slowing growth in property prices and "a cooling off in the rate of business activity growth," which fell to an 11-month low.

"International migration has seen a decline; registrations for new national insurance numbers have dropped 15% since this time last year," it said, adding that a fall in national insurance registrations by citizens of other EU nations accounted for some 75% of the drop.

"Job growth is slowing and the data suggests London's post-recession bounce may have come to an end," it said.

The city's migration pattern also changed, with annual net emigration of 93,000, "significantly more" than the previous 12 months.

But unemployment in London has fallen to a record low of 5.5%, while growth of private sector jobs is continuing despite slowing for the first time in more than two years, the report said.

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