Lewisham records 4% GDP growth as East rises
The figures, produced by property consultancy CBRE, reflect local economic activity, rather than salaries earned from jobs outside the borough. While Lewisham may be growing from a relatively low base, these numbers dispel the idea that Lewisham is just a 'dormitory borough', with economic activity being sucked away to other parts of the capital.
The Telegraph reports:
"While Westminster made the largest economic contribution, it only rose by two per cent last year in comparison to Hackney’s eight per cent. Jennet Siebrits, head of residential research at CBRE, puts this down to the north-east London borough’s “burgeoning technical and creative hub”.
"With Newham, Redbridge, Lewisham and the City of London all in the top 10, the results epitomise the rising of the east to become a dominant player in the London economy and the capital’s cultural identity.
“The real story here is the boom of the technology and creative industries in London, the epicentre of which is Hackney’s Shoreditch,” says Siebrits.
“There’s a rebalancing of London under way, with the east, which has traditionally underperformed, now catching up.”
This borough is currently benefiting from all the major trends currently re-drawing the capital: Rebalancing from West to East? Lewisham gains. Rise of inner London, relative to outer London? Lewisham gains. Leveling out of house price differentials as top of the market cools? Lewisham outperforms.
The figures are also a reminder that, banking-passport-or-not, London will continue to be the UK's main growth engine post-Brexit.
