The creative and media sectors of London look set to beat the financial hub as the engine of growth in five years’ time, according to a new report.
The Centre for Economics and Business Research (CEBR) found that the £34 billion creative industries in the East End are growing at double the rate of the financial service sectors.
Charles Davis, head of macroeconomics at the CEBR, said: “London is evolving and adapting to life post-financial crisis.
“While in the short term there has been no shortage of pain with job losses across the City and economic output broadly flat in 2012, we think there are positive signs that the capital is adjusting and new sectors are taking prominence in different parts of London away from the City and the West End.
“This economic shift is driving social change as population in East London booms.”
The forecasters suggest that the trend will restore London’s status as Britain’s fastest growing region by 2016.