The successful launch of the 24-hour Night Tube on evening and weekends, the appointment of London’s ever Night Czar; and the creation of the Night Time Commission have all been key milestones in a renewed interest in driving growth through London’s 24-hour economy.
London’s night-time economy contributes £17.7bn to £26.3bn in Gross Value Added (GVA) to the UK economy in 2014, and supports 723,000 jobs – one in eight in London
That figure is likely to grow by a further £1.63 billion a year by 2026, and by £2 billion a year by the end of that decade as another 66,000 jobs are added
London First has been working with EY to quantify the value of London’s 24-hour economy:
While the opportunities from an expansion of the night time economy are substantial, there are challenges, in managing the often competing interests of residents, users and businesses.
David Lutton, Policy Director London First, is a member of theMayor’s Night Time Commission, which aims to develop a strategy that balances these interests, while maximising the jobs and growth opportunities of a 24 hour economy.