Economics
London Emerges From Lockdown Harder Hit Than Much of the U.K.
- Property market suggests people moving to the suburbs
- Thousands of furloughed hospitality workers may not return
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London is emerging from lockdown bruised by Brexit and a pandemic that hit the U.K. capital harder than other regions, raising questions about its ability to power the country’s economic recovery.
The city accounts for a quarter of U.K. output and suffered almost 30% of the drop in payrolls nationwide in the past year, official data show. People are moving to the suburbs and beyond in search of space, and Britain’s exit from the European Union is draining away high-paying work in finance.