How does London's job market look now compared to before Labour came to power

"Finding full time employment in the capital is particularly tough right now. 7.2 per cent of people are unemployed in the capital, a level last seen during the early months of the pandemic. That's up from 5.4 per cent in June 2024, before Labour came into power. Unemployment in London has risen faster than in any other region, according to new data from the Office for National Statistics."

"Some business leaders and industry groups have blamed regulatory changes for job losses, including the rise in hourly minimum wage and businesses operating in properties valued more than 500,000 needing to pay higher business rates. Ros Morgan, Heart of London Business Alliance's chief executive, said: "The reality is businesses have been hit really hard so with the wages increase, the National Insurance (NI) increase and now the business rates increase, it's a triple whammy.""

"The Bank of England warned that the tax increase has impacted employers hiring in hospitality and retail, where many young people get their first jobs. Young workers in London have been hit particularly hard by job losses, with unemployment rising to 18.6 per cent on average over a year. Some 88,000 16 to 24-year-olds in London were unemployed on average over the 12 months to last September, a rise of 11,000 in a year."

Unemployment in London has risen to 7.2%, returning to levels last seen in the early months of the pandemic and up from 5.4% in June 2024. London’s unemployment increase has outpaced other regions. Business leaders and industry groups have blamed regulatory changes, including a rise in the hourly minimum wage and higher business rates on properties valued over £500,000, for contributing to job losses. The Bank of England warned that tax increases have reduced employers’ hiring in hospitality and retail, affecting many first jobs. Young workers aged 16–24 suffered sharply, with average unemployment at 18.6% and roughly 88,000 unemployed over the year. Temporary work rose from about 219,000 to 269,000, and part-time employment fell from 1,023,000 to 986,000.

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