London’s suburbs are leading the capital’s economic recovery from the pandemic.
While consumers are increasingly shopping and dining out locally, the absence of office workers and tourists has kept city centre spending muted, according to a report from the thinktank Centre for London and King’s College London.
Transaction data from Mastercard, the credit card company, showed consumer spending had shifted from central London towards outer zones, as office staff continued to work from home even after lockdown restrictions eased, and international tourists stayed away.
Three-quarters of London’s white-collar workers have not yet returned to their desks, according to data from the US bank Morgan Stanley.
