CITY AM – London set to power UK recovery

CITYAM SAYS London businesses are shaking off all the doom and gloom swirling around the UK economy and are poised to power the country’s recovery, exclusive research shared with City A.M. has found.

The capital’s firms are standing up to rising costs and shaky consumer demand, but are still alive to inflationary threats, according to the London Chamber of Commerce and Industry’s (LCCI) latest Capital 500 survey.

Some 24 per cent of London businesses notched an increase in domestic sales in the second quarter of this year, up from 21 per cent in the three months to March.

It is a sign that the capital’s economy is in rude health despite firms being squeezed by rising energy, wage and interest bills and consumer finances taking a knock from surging prices.

The research “shows yet again the resilience and entrepreneurial drive of the London business community despite the economic headwinds,” Richard Burge, chief executive of the (LCCI), told City A.M.

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