London Chamber of Commerce and Industry (LCCI) latest economic survey has highlighted the loss of confidence in the London and UK economy amongst the capital’s businesses. The government, London’s Mayor, and the Mayoral election candidates have been urged by the Chamber to urgently act upon the findings.
The Capital 500 Quarterly Economic Survey for the last quarter of 2018 shows business expectation of the London economy, and overall company prospects, falling to their lowest recorded levels. The survey findings also shine a light on declining domestic sales, reduced cashflow, and companies encountering difficulties in increasing their employment levels.
The polling, carried out by the independent research agency ComRes on behalf of LCCI, is based on responses from over 500 London businesses – which makes it London’s largest and most authoritative regular business survey.
Commenting on the results, LCCI chief executive Colin Stanbridge, said: “Capital 500 is London’s largest business survey and, with all business confidence and economic indicators falling and cashflow balance at a record low, these results should act as a wakeup call for the government.
“It is staggering that we are now weeks away from leaving the EU and businesses still don’t know the terms of that departure and what preparations they require – government must urgently provide that clarity. Businesses, particularly those small and medium sized, need support and encouragement in these exceedingly turbulent times.
“And with the next Mayoral election just over a year away, commitments from the main candidates to pursue an agenda of greater devolution to London would also be welcome – as retaining more of the tax generated in the capital and securing new policy competencies would ensure City Hall has the necessary resources to drive and deliver future growth.”
London Chamber of Commerce and Industry (LCCI) is the capital's largest independent networking and business support organisation. Representing the interests of thousands of companies, we connect thousands of business people every year and offer our members a wide range of practical and professional services.