London's Economy Today - Issue 186 - February 2018

The overview

• UK economy grows modestly in 2017 as global economic growth speeds up.
• Bank of England indicates that interest rate rises are on the horizon.
• Mixed economic signals for the London economy continue.

Economic indicators

• Contraction in passenger journeys deepens with the moving average of Tube passenger journeys showing a significant decline, from -0.6 per cent to -1.1 per cent, the lowest rate since 2010-11.
• Business activity growth at London private firms was modest in January (51.8), representing the lowest levels since July 2016.
• Most surveyors reported a contraction in London house prices (-47).

London’s Economy Today supplement: The Impacts of International Students in London

• There were 112,205 non-UK domiciled students studying at London HE providers in 2016/17. They accounted for 29 per cent of the total student population, rising to 41 per cent at postgraduate level. Overall, London attracts almost a quarter (24 per cent) of the overseas students studying in the UK
• With 17,795 students studying in 2016/17, China is by far the leading international student source market for higher education providers in the capital, and the fastest growing.
• Overseas students studying at London HE providers directly contributed £3.448 billion to the UK economy in 2016/17. This was up from £2.990 billion reported for the 2013/14 academic year – an 11 per cent increase in real terms.
• With other OECD countries pursuing policies aimed at becoming more attractive to overseas students, including degrees delivered in English, the future success of London's international education sector cannot be taken for granted.

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