According to CBI, London's highly-valued costs of
living can harm economic growth. About half of business leaders said the high
cost and value of housing has affected the number of low-wage staff in many
companies. This had forced out many employees due to higher costs.
Property Organisation CBRE, who contributed to the
report, highlights the impact of increasing house prices and rents in London.
The average London property rises above £300,000, which is 12 times higher than
the average salary of a low-wage Londoner.
The more-affordable option, Renting, has become expensive
with boarding expenses costing £2583 monthly in central London. Even a one-bedroom
flat now has an exorbitant price.
Fresh graduates for entry-level positions also fear
the high rent prices in London. This has become troubling for the UK's service
economy, according to Graduate Recruitment Company Instant Impact. According to
them, even those with higher positions don't think they would property in
London.
CBI said London had relied on creaking infrastructure
while failing to build enough homes for London's backbone, which is eating the
foundations of all industries in the City. The CBI hopes the next London Mayor
improve the situation for London's regular workers.
The Confederate said the problem is not only with
London but it may possibly spread throughout the UK, forcing out its workers
for better qualities of life.
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