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Britain’s decision to leave the European Union 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.
The Centre for London think tank ìn a report said: “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.”
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 per cent since this time in 2016,” the centre said.
The centre said that a fall in national insurance registrations by citizens of other EU nations accounted for some 75 per cent 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.
The centre said unemployment in London has fallen to a record low of 5.5 per cent, while growth of private sector jobs is continuing despite slowing for the first time in more than two years.
London Mayor Sadiq Khan warned earlier in July that the city, where a large majority voted to remain in the EU, must not “pull up the drawbridge and close (its) doors to the skilled workforce (its) economy needs to thrive.”(dpa/NAN)