How London Gained Population Due to Covid 19 and Brexit-International

La ville de Londres.

This is an exit. As of March 23, 2020, 700,000 people (8% of the population) have left the British capital, according to a study by the Center for Economic Development. Point. It has been more than three decades since London experienced a population contraction.

Most of the missing people are foreigners, mainly low- or unskilled workers who are greatly affected by health restrictions (restaurants, hotels, inns, etc.). According to London City Hall, the growth rate of capital will shrink to 9.5% by 2020, raising the unemployment rate from 4.3% to 6%.

Fully registered in Brexit, 1There is January 2021, also had an impact. Lawyers, accountants and financiers have decided to leave London. Especially from the Trade Agreement on Relations between the United Kingdom and the European Union Does not take into account the problem of financial services. The exodus of these people with strong purchasing power had consequences for the local economic ecosystem and subcontractors.

Key assets. However, London is one of the largest financial centers in the world, lThe bleeding of the city did not take place. Nevertheless, Brussels wants to pay more to access its financial markets. Referring to the decision to shift jobs and investments to the European continent, European Financial Services Commissioner Miret McKinnon recently promised that “some have already happened and others are likely to follow suit.” Irish Times.

Real estate is a good barometer to measure the impact of the outflow London has experienced. Although prices were particularly high, this partly explains the decline, which fell by 25% to 50%. Several factors explain this situation: on the one hand foreign investors have left the chic districts of the capital, and on the other hand the people of London have been attracted to the larger suburbs of London or the cities of the south of England, where the quality of life is better.

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According to Tony Travers, an expert at the London School of Economics, the relocation is eligible. “Many will return because London retains important assets: an open economy, diverse immigration, the absence of ghettos, multilingual and well-trained workers,” he said. Point. Moreover, once European immigration has dried up, it has been replaced by China, Oceania, Japan or others from the Indian subcontinent.

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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