![]() PwC predicted in April 2016, just months before the referendum, that as many as 100,000 financial jobs could be lost as London was closed out of the European business world. ![]() ![]() More than one-third of social housing tenants in London say they are struggling to pay for basic needs 27% of private renters also declared they were struggling to make ends meet.There were warnings from the remain lobby that tens of thousands of City jobs would be lost to other European capitals such as Paris, Amsterdam and Brussels after the vote, creating a brain drain away from London as workers looked elsewhere. Increasingly, though, young people in London are either living paycheck to paycheck, relying on the bank of Mom and Dad or leaving. London’s is a young and diverse population. Reducing that gap without driving away the city’s wealthier residents is the challenge now. Great wealth disparities are typical of global cities, but they can ultimately (as New York has found) create social divisions and lower living standards, driving people out. That matters since more unequal cities are often linked to higher crime rates and greater levels of dissatisfaction among residents. London’s social fabric was already frayed, but the pandemic has worsened long-festering problems such as a lack of affordable housing and widened inequalities in terms of both life expectancy and income. In important ways, however, Covid has left its mark on the megacity.
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