Midtown has overtaken the West End in a ranking of London’s most important economic hubs.
It is now second only to the City in terms of economic output, according to research by economic consultancy Hatch Regeneris.
Midtown’s economy is valued at £20.5bn a year, compared to £18.9bn for the West End, according to data for 2019. Only the City’s economy, worth around £72.8bn annually, is bigger than Midtown’s in London.
Hatch Regeneris forecast that the gap between Midtown and the West End would widen over the next five years. By 2025, Midtown’s economy will be worth £24.9bn, compared to £22.7bn for the West End. By then, the City economy will be valued at £88.1bn.
The research was commissioned by BEE Midtown, a business network for 400 companies based in the area. Midtown covers most of the postcode districts of WC1 and EC1.
Alexander Jan, chief economist at Arup, the global built environment consultancy, and chair of BEE Midtown, said: “The emergence of Midtown as London’s second most important economic hub after the City offers a lesson for the UK economy as a whole as the Brexit transition begins.”
Daniel Lindsay, director at Hatch Regeneris, added: “The area is going from strength to strength and if current trends continue, the productivity across Midtown will increase to the levels expected in the City of London by 2025.”
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