Economy

The Business Benefits and Economic Boost: Crossrail Western Section

Posted on

Crossrail will result in a range of substantial economic benefits to London, the South-East and the UK. According to Crossrail, the economic impact of the new transport corridor will be at least £42 billion. It will also promote new business development and employment opportunities, as well as improved commuting times for those living and working along the corridor.

Running from Paddington in Central London to Heathrow Airport and Reading, the western section is set to open in 2019. A number of stations will be enhanced along the route, while new stations will open at Acton Main Line, Southall, West Ealing and Hayes & Harlington. These improvements are also encouraging development and regeneration, providing new places to work and do business along the Crossrail corridor. Other stations along the western section of Crossrail include Burnham, Ealing Broadway, Hanwell, Heathrow Airport, Iver, Langley, Maidenhead, Reading, Slough, Taplow Twyford, and West Drayton. Crossrail will help support the regeneration of town centres such as Ealing, as well as other areas including Southall.

One of the most significant impacts of the western section will be on the residential market. By reducing travel times, Crossrail will help increase house prices along the route. This will increase the appeal of several areas, such as Ealing. Ealing Broadway Station is being refurbished, while the town centre is subject to extensive regeneration plans including an upgrade to the Ealing Broadway Shopping Centre. These improvements are attracting commercial property developers to Ealing, with major schemes including the St. George’s development on New Broadway.

Shorter commute times will also help attract new commercial development to the area around five Crossrail stations within Ealing. The new link will help make Ealing an attractive alternative to areas along the M4/A4 corridor in West London. According to Crossrail, 44 per cent of planning applications for development within a kilometre of the five stations in the London Borough of Ealing cited the project as a justification for moving forward. For example, the Southall Gas Works will bring 3,750 new homes and 525,000 square feet of new commercial and community space close to Southall station. The development of the 83-hectare brownfield site will also include a new primary school. Continue reading “The Business Benefits and Economic Boost: Crossrail Western Section” →

Focus on Business in the City of London

Posted on

Focus on Business in the City of London from LondonOfficeSpace.comWithin the square mile that makes up the City of London, there are more than 14,000 businesses. Fortunately the city’s landscape reaches high, otherwise there wouldn’t be much more room for budding entrepreneurs.

Known worldwide for being a hub of financial activity, the City of London is home to some of the world’s biggest accountancy firms, banks, and investors. Amongst the financial moguls you’ll find the occasional law firm, tech ventures like Google, and telecommunications outfits like Three. Competition for rental space is fierce, and the City of London’s local government does expect businesses to commit to sustainable practice. Knowing a little more about this area in general can help you determine whether it’s the right place to invest.

The City of London’s Financial Sector

The City of London is also known as the “Square mile”, and when investors worldwide hear that phrase, they know people are referring to the UK’s financial hub. There, you will find traditional banks and insurance agencies, including international branches like the Bank of America and the Bank of Canada. Foreign exchange businesses also thrive in the City of London, with a turnover of around 0.73 trillion alone.

Sitting at the heart of all this financial activity is the London Stock Exchange, which has been in existence since 1801. Alongside the heavily regulated London Stock Exchange is the alternative investment market, which exists for those who do not have the usual connections for traditional investing. It’s less well regulated, but it does open the financial floor up to a broader range of investors.

Although the finance industry dominates the City of London’s business activities, you will find the odd non-financial venture. This includes Google, which is home to one of London’s most innovative offices with hundreds of employees. Finally, there’s Three, which is a relative newcomer to the telecommunications industry, but is one that continues to grow stronger on a daily basis. Continue reading “Focus on Business in the City of London” →

How the Shopping and Retail Industry Boosts London’s Economy

Posted on

In 2013, major international brands from around the world gave London’s economy a boost by bringing a total of 31 new stores to the city. From the acclaimed American clothing store J Crew to luxury brand Tom Ford, each one placed its mark on the capital of England for the first time. After what has seemed like an endlessly tense economic recovery, the introduction of these stores to the capital has proved to bring good news. As of May 2014, London held the title of being the ‘World’s most popular city for international retailers’, making it a go-to shopping destination for people across the globe. How the Shopping and Retail Industry Boosts London's Economy from LondonOfficeSpace.com

London Knocking Dubai from the Hot Shopping Top Spot

With approximately 57% of the world’s major international brands now owning stores in London, the city is ahead of Dubai, New York, Paris, and Shanghai, all of which have enviable shopping reputations of their own. To complement its reputation for shopping prestige, London carries a cosmopolitan vibe, which appeals to young and rich fashion lovers looking to make the most of their cash in an environment that’s enjoyable. Worldwide, Regent Street and Westfield are now well-known amongst the globe’s shopping elite. Eric Eastman of CBRE has since noted that London now attracts more international visitors than any other city in the world, with a considerable number of them coming from China.

Thanks to more major brands investing in the city, areas outside of the main shopping hubs are now attracting investment. This has seen some of Covent Garden’s boutique shopping spaces give way to bigger brands, which are beginning to fight for space within the city. Continue reading “How the Shopping and Retail Industry Boosts London’s Economy” →

London is Ahead of California for Tech Growth

Posted on

London is Ahead of California for Tech Growth from LondonOfficeSpace.comFor several years, London has been considered one of the world’s most prosperous technology hubs. Silicon Roundabout, Tech City, and Old Street are now firmly established in the global digital scene and can compete with other successful technology centres, mainly with California’s Silicon Valley. However, and despite the fact that London’s Tech City is a relatively new project, it seems that the London tech scene is growing at a faster pace than California. A report published in June 2014 confirmed this trend, and in this post we take a closer look at the facts and implications of the unmatched growth experienced by the British capital’s technology sector.

London’s tech sector has quickly caught up with California: learn all the details

The regeneration of the Old Street and the surrounding areas and its subsequent transformation into a leading business district has been hailed as a successful economic growth strategy right from the start. According to a 2013 report published by the Cabinet’s Office, between 2009 and 2012 the number of tech firms based in this area increased by an astonishing 76 per cent, bringing the total number of tech companies in London to over 88,000. Success is also measured by the industry’s contribution to the capital’s economy. In this respect, London’s Tech City is also a winner, as it has been estimated that nearly 27 per cent of the city’s total job growth is generated by the capital’s tech sector. All in all, this industry employs more than 582,000 people across London. Continue reading “London is Ahead of California for Tech Growth” →

Has the Royal Baby boosted the Economy?

Posted on

Despite predictions of doom, prophecies of gloom, and the never-ending austerity anachronisms bandied about by the British media, the British economy has edged into recovery. This recovery has leading financial pundits grasping for explanations, including the possibility Royal Baby George is somehow responsible for pushing macro-economic pounds around the United Kingdom.

The mystical source of rising GDP in the Northern Hemisphere’s seventh largest economy, is rumoured to be due to a chunk of benevolent circumstances, which fall outside technocratic economic models. Think-tanks have been out-thunk by the birth of a magical boy baby, whose Midas-touch upon arrival, blessed the London Stock Exchange with trading certainty. In the month leading up to the Royal birth the FTSE index rose by 59 points – equalling the highest net-rise for the market in 2013. This can’t be coincidence.

Alongside one of the biggest baby booms seen in England since the birth of the previous Royal singleton, Prince William, in 1982, more than an explosion in the coffers of Mothercare has led to the economic recovery Britain is experiencing. The spirited flame containing Olympic Gold, lingering from the incredible successes of the 2012 London Olympics, must have been passed to new Prince George – if the price of gold is anything to go by. Commodity traders cleaned up on July 22nd, 2013, as the COMEX indice shot up to 1315 from a slump of 1200 at the month’s start. Pop those champagne corks now – there’s a new Royal baby in town! Continue reading “Has the Royal Baby boosted the Economy?” →