![]() ![]() ![]() Recent analysis also suggests that London and the South East are the only regions that have become less dependent on EU markets between 20. This is partly because the capital is already more engaged in worldwide trading, but mostly because London’s economy is so much larger and diverse than that of the other regions, meaning the capital is more self-reliant than other UK regions. ![]() London is slightly less reliant on the EU than other regions: roughly 40 per cent of London’s exports go to EU markets, representing circa seven per cent of London’s GDP – whereas other regions send on average half of their exports to the EU, representing 10 per cent of their GDP. Exports have generated a value of around £130bn a year in recent years, up from £75bn in 2002. London is the first exporter region for services (46 per cent of the UK’s service exports), and the second for goods, after the South East. Primary among these are the challenges to London’s openness to trade and talent. This report focuses on the London specifics – the risks that disproportionately affect the capital. Many risks involved in departure from the EU are common to all parts of the UK. Subsequent chapters propose specific policy responses to these risks, and more general measures that will help London to maintain its position. Before the June 2017 general election, Brexit was expected to entail an end to freedom of movement for EU nationals and the UK leaving the European Single Market and Customs Union – as set out by Prime Minister Theresa May in January 2017. The UK’s decision to leave the European Union presents a much more immediate challenge, posing risks, threats and opportunities for the capital. These challenges of strained infrastructure, soaring living costs and social polarisation inhibit London’s success and help prevent its economic and cultural wealth being shared more fairly. However, as the last chapter argued, London’s success has been accompanied by long-standing problems, common to many world cities. London’s status as a world city has been resilient to global economic and political change over the past 50 years, and even to shocks like the financial crisis of 2008-09. ![]()
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