London will continue to outpace its rivals despite Brexit

01 Aug 2017

A report by Oxford Economics shows that London will continue to outstrip its biggest financial rivals in Europe despite Brexit fears.

The capital's GDP is predicted to grow at a rate of 2.3 per cent each year from 2017 to 2021, ahead of rivals Paris (1.6 per cent) and Frankfurt (1.5 per cent).

In other news, a No. 10 spokesperson has confirmed that free movement of European Union (EU) citizens to Britain will end in March 2019.

The news comes as leading hospitality boss, Leslie Kwarteng, general manager of three of central London’s most popular restaurants, Quaglino’s, Madison and 100 Wardour Street, warns that Brexit is causing a hiring crisis in the hospitality industry.

“We are struggling to get staff in to fill the positions like waiters and waitresses and bartenders,” he says.

“Before, we would have lots of students from France and Italy as staff but that has changed. It’s made it more challenging.”

But Home Secretary Amber Rudd sought to reassure UK business that, following Brexit and the March 2019 freedom of movement deadline, there will not be a "cliff edge" on immigration and that any economic impact of the policy will be taken into consideration.

The CBI said businesses "urgently" need to know what EU migration would look like, both during the "transitional" period from March 2019 and beyond.

For information about how we can assist by putting processes in place to lessen the impact of Brexit on your business, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.

Our hospitality industry experts also offer extensive experience of working with clients in the sector and our professionals are acknowledged experts in issues affecting pubs, bars and restaurants. Contact Matthew Burge or your usual Beavis Morgan Partner for further information about how we can assist you and your hospitality business.