Over the past five years, London’s economy has grown at a fast pace outdoing the rest of the UK. In addition, London has seen a significant growth culturally. Why is this happening? First, we have to understand that London weathered the economic downturn without its economy sinking down too low. After the economic downturn, London had a head start in building up its economy. There are four main reason for this: There was more business activity, better job growth, higher incomes for London residents, and the 2012 summer Olympics boosted the economy. In addition, London has seen a boost in cultural activities in the arts, theatre, and music sectors.
After the economic downturn, business in London started to increase. More banks were willing to lend money to new businesses to help jump start the economy or even to more risky financial ventures, like hedge funds, forex trading or gold dealing. New small businesses started to sprout up all over London. This in turn turned into more jobs being created and London started to experience higher job growth.
Job growth in London continued to rise. Both large businesses and newer small business were beginning to hire more people. As more people were added to the job market, Incomes rose, and more spending money was put back into the economy, and London’s economy started to experience phenomenal growth.
The 2012 summer Olympics held in London also helped to boost the economy. The money that was spent by the visiting tourists helped to boost London’s economy. There were approximately 600,000 people who visited the Olympics, and each visitor spent an average of 1,300 British pounds. In addition, jobs were created during the building of the Olympic park and other venues. As a whole, the 2012 London summer Olympics helped to boost London’s economy.
In addition to London’s booming economy, the cultural scene was also creating a boom in London. As London’s job market was starting to take off, and people were earning higher incomes, more money was being spent on cultural activities.
As far as the arts are concerned in London, more art exhibitions emerged in the last few years. Exhibits such as Pangaea at the Saatchi Gallery and Bailey’s Stardust attracted thousands of people. Both famous artists and promising artists were displaying their works in art exhibits all across London. As more art exhibits sprouted up, more Londeners were purchasing works of art such as paintings, photography and sculptures.
The theatre in London has seen a boom in the last few years. This also helped to boost London’s cultural economy. According to the BBC, tourists who attended the theatre in the UK spent 2.8 billion British pounds. London was the most popular area with over 2.2 million people watching a show. Musicals drew the biggest crowds with over 65% attendance. Plays attracted 25% of the attendees, the ballet attracted 3%, as opera attracted 1% of attendees.
In London’s music scene, there was more attendance at music festivals in the past several years. This also helped to boost the economy. Just this year alone, thousands of people will be attending music festivals in London. Some of the more famous upcoming festivals are Live at Leeds, Riverside Festival, Strummercamp and Off the Tracks Spring Festival. Thousands of tickets will be sold and this will also help to boost the cultural scene in London.
As it stands, London is a booming city, both economically and culturally. Due to London’s excellent job market, active business activity, higher incomes, the 2012 summer Olympics and the increase in cultural activity, London’s economy has far outpaced all other European cities.