London Monitor: We have trimmed our growth forecast for London in 2022

The recent economic indicators have been giving somewhat mixed messages about London’s economy. Taken as a whole they point to continuing growth in early 2022, but with external challenges pressing in.

What you will learn:

• London experienced strong growth in business activity in February as firms took on new business after the Omicron Covid wave had faded.
• We forecast that GVA in London will grow by 3.9% in 2022, followed by more subdued growth of 2.2% in 2023.
• A pivot away from financial services and towards life sciences would make fundamental sense for the capital. It is too early for us to build that into our forecasts, but it is certainly something for us to watch.