I had not expected London’s economy to have done nearly as well in 2020 as the most recent output (GDP) figures show (left hand panel of the chart). All the more up-to-date data — for example on furloughs and mobility — have tended to point to a much less robust picture. What could explain this discrepancy?

The answer is the same as it normally is: the aggregate figures hide important detail*. Large parts of the London economy have in fact rebounded remarkably well. This is the case for financial, professional and ICT services (right hand panel of the chart). …

Tera Allas

I help complex organisations make the right strategic decisions through innovative, insightful and incisive analysis and recommendations.

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