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EY: London's 24-hour economy could be worth nearly £30bn

Aug 22
 
Tags: Ernst & Young LLP
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EY: London's 24-hour economy could be worth nearly...

Research conducted by business membership group London First in association with EY has forecast that the capital's 24-hour economy could be worth nearly £30 billion a year by 2030.

At the moment, the night-time economy is thought to have an annual value of £26.3 billion - approximately eight per cent of London's gross domestic product - and supports one in eight jobs in the city.

The 24-hour economy received a boost this month with the launch of the Night Tube, which will see 24-hour underground services operating on the Central and Victoria lines on Fridays and Saturdays. The Jubilee, Northern and Piccadilly lines will follow in the autumn.

Earlier this year, City Hall established a Night Time Commission to examine this element of the capital's economy in more detail, while London mayor Sadiq Khan is set to appoint a 'night czar' to champion 24-hour business.

Caroline Artis, senior London partner at EY, pointed out that a strong night-time economy will help to make the capital even more attractive to overseas businesses and investors. The company's UK Attractiveness Survey showed that London is already viewed as the leading city in Europe for foreign direct investment.

"The opportunities to capitalise on London's 24-hour economy highlight a demand for the city to develop a strategy around how best to involve businesses and engage key stakeholder groups to communicate the benefits and the impact a Night Tube will have on London's economy," added Ms Artis.

In light of the economic uncertainty created by the EU referendum result, John Dickie, director of strategy and policy at London First, said the 24-hour economy should be used to "create more opportunities, more jobs and ultimately more revenue, so that London can benefit from an additional £2 billion boost to its economy over the next 15 years".

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Image: istock/Starcevic

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