New BID research shows vaccine ‘could boost London’s economy by £41bn and save 57,000 jobs’

The South Westminster BIDs and Midtown BID have commissioned research from Arup, which has found that there will be a significant boost to the central London economy if a successful vaccine is found.

The report models for a three-day return to the office as a result of a successful vaccine. This would add £22 billion to the central London economy and has the potential to save 31,000 jobs in entertainment, retail, hospitality and accommodation.

The research has also modelled for worst case scenarios. Should the lockdown continue for most of 2021, London’s economy could see an £8.4 billion hit and around 117,000 jobs in entertainment, retail, hospitality and accommodation would be at risk by 2021.

Our Chief Executive, Ruth Duston OBE OC, said:

“The realistic prospect of a vaccine will fill many in the business community with great hope. It’s clear from these projections that any measures which mean people can return to their offices come with enormous economic benefits.

But even with office workers at their desks three days a week by next year, we must remember that occupancy rates will still be significantly lower than they were pre-Covid-19.”

The report is welcome news given the recent announcements about vaccines from Pfizer and Moderna. We will continue to push for the Government to look into how our great city will adapt and re-open in the future.

Read the Evening Standard coverage here

Read the full report here