Double the number of London businesses have reported an increase in domestic sales in Q3 as optimism rises over an economic recovery.
In the London Chamber of Commerce’s latest quarterly survey, 33% of London businesses reported increased domestic sales vs only 17% in the previous quarter. With London facing the most acute economic downturn following the pandemic lockdown, businesses have been seeing steady improvements in domestic sales as UK activity picks up.
Following global travel restrictions, a UK national lockdown, and a collapse in commuting, London businesses have been battling to recover lost momentum since the start of the year. With cinemas having been shut, shops closed and fewer visitors, the capital endured numerous challenges. And with all sectors now back in operation without restrictions, there are promising indicators that the recovery is speeding up.
In another sign of improving economic conditions, London businesses also reported that recruitment was on the rise. With 11% of businesses saying they planned to increase hires in Q2, rising to 17% in Q3. It was just back in June that the city saw a record number of job openings at various financial institutions with banks an particular continuing to increase their staff count over the summer.