Size of Firms in London & the UK

Size of Firms in London, 2001 to 2012: ONS

  • The number of workplaces in London rose from 366,290 in 2001 to 414,375 in 2012 – the number of workplaces in the UK rose from 2.4 million to 2.6 million over this period
  • The number of employees rose from 3.6 million to 4.2 million in London and from 23.9 million to 26.8 million in the UK
  • The proportion of SME workplaces in London has remained steady since 2001 at 88-89% of all workplaces
  • Workplaces belonging to large firms (with 250 or more employees) comprised 11-12% of workplaces in London between 2001 and 2012. Most of these were associated with enterprises with 2,500 or more employees.
  • Most SME workplaces belong to micro enterprises (those with fewer than 10 employees): in 2012, 87% of SME workplaces in London were associated with micro enterprises.
  • Over three-quarters of London’s workplaces belong to micro enterprises, but micro enterprises provided work for only 15% of its employees in 2012. Most  employees work for large enterprises, and almost four out of ten employees in London work for a firm employing 2,500 or more employees.
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Retail Sales growth

Retail Sales June 2013: ONS

  • Estimates of retail sales for June show continued growth in the quantity bought (or sales volumes) in the retail sector and an underlying pattern of moderate growth. Comparing quarter 2 with quarter 1 in 2013, the quantity bought increased by 0.9%.
  • On an annual basis (June 2013 compared with June 2012) the quantity bought in the retail sector increased by 2.2%. The main sources of upward pressure came from the non-store retailing sector and non-specialised stores (or department stores). Feedback from department stores suggested sales had increased due to promotions and consumers buying clearance items across a wide range of products.
  • Looking at the monthly picture (June 2013 compared with May 2013) the quantity bought increased by 0.2%. Again, there was strong growth in sales in department stores with a rise of 3.0%. This is the highest rise since March 2012.
  • In June 2013, the prices of goods sold in the retail sector rose from 1.0% to 1.7% compared with June 2012. This was due to increases in the prices of goods sold in the textile, clothing and footwear sector and the food sector. This is consistent with the latest Consumer Prices Index (CPI) release for June 2013.
  • In June 2013, the estimated weekly spend across all retailing averaged £6.9 billion, up from £6.8 billion in May 2013 and £6.6 billion in June 2012.

Unemployment falls

Labour Market Statistics, July 2013: ONS

  • The unemployment rate for March to May 2013 was 7.8% of the economically active population, down 0.2 percentage points from December 2012 to February 2013. There were 2.51 million unemployed people, down 57,000 from December 2012 to February 2013.
  • The employment rate for those aged from 16 to 64 for March to May 2013 was 71.4%, down 0.1 percentage points from December 2012 to February 2013. There were 29.71 million people in employment aged 16 and over, up 16,000 from December 2012 to February 2013.
  • The inactivity rate for those aged from 16 to 64 for March to May 2013 was 22.5%, up 0.2 percentage points from December 2012 to February 2013. There were 9.04 million economically inactive people aged from 16 to 64, up 87,000 from December 2012 to February 2013.

High Street footfall up

Footfall Monitor, June 2013: BRC

  • High street (1.4%) and out-of-town (0.6%) locations both reported footfall increases above the UK average.
  • The footfall trend in shopping centre locations remained in negative territory, falling 3.0% from a 1.7% decline in May
  • Greater London reported a rise in footfall above the UK average (2.4%).
  • In the first six months of 2013, footfall fell on average 1.5% compared with a 2.9% decline during the same period in 2012.

 

European inflation

European inflation: Eurostat

  • Euro area annual inflation was 1.6% in June 2013 , up from 1.4% in May. A year earlier the rate was 2.4%. Monthly inflation was 0.1% in June 2013.
  • European Union annual inflation was 1.7% in June 2013, up from 1.6% in May. A year earlier the rate was 2.5%. Monthly inflation was 0.1% in June 2013.

Inflation

Consumer Price Index, June 2013: ONS

  • The Consumer Prices Index (CPI) grew by 2.9% in the year to June 2013, up from 2.7% in May
  • The CPI fell by 0.2% between May and June 2013, compared with a fall of 0.4% between the same two months in 2012. The 1-month movement was therefore 0.2 percentage points higher this year and this led to the CPI 12-month rate rising from 2.7% in May to 2.9% in June
  • The inflation rate is slightly above the figures seen over the previous 12 months but below the levels reached between the start of 2010 and spring 2012.
  • CPIH, the new measure of consumer price inflation including owner occupiers’ housing costs, grew by 2.7% in the year to June 2013, up from 2.5% in May.