, December 07, 2021

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What Is The Future Of The Square Mile?

  •   3 min reads
What Is The Future Of The Square Mile?

With the Covid Crisis, Brexit and the new methods of labour, The City of London becoming a hard place to work.

As a corporate city, The Square Mile was deserted with the covid crisis. Although, The City of London doesn’t the only quarter that was affected. According to the report by ESCoE (Economic Statistics Centre of Excellence), this was the most demographic change in London, and even, full the United Kingdom, since the Second World War. Covid Pandemic is at the top of the list. Brexit is not very far too, with the new rules, it becomes very complicated to live, study and work in the United Kingdom.

This decline was quickly seen in the economy City of London, the Square Mile, even with the lockdowns’ end. Reason? The exodus. Few workers have left London for other cities. With a home office, that was more simple to rescue for new cities or return to mother’s country.

Job vacancies increase

Nevertheless, the offers to work increase in London, and find a record high of 1,102,000, from July to September 2021 according to ONS. “An increase of 318,000 from its pre-pandemic (January to March 2020) level; he was the second consecutive month that the three-month average has risen over one million ”, declared the report.

Photo by Dorin Seremet on Unsplash

In the Square Mile, business district, the majority of workers make part of the “ higher managerial, administrative and professional occupations ”, classes. That means that this sector doesn't be touched, and the workers have to continue to work because the majority of tasks was possible by home, differently that tourism and hospitality sectors.

However, that’s not only the Londoners that suffer about this decline. Confirming to The Migration Observatory, between migrants that live in the UK, 37% was in London. The majority worked in different sectors. To resume, the workers who have lost their jobs in catering, hospitality, etc… probably don't come back to work in London. On the other hand, the other work classes based in London, start to come back to office.


Hybrid format

Many workers loved to work at home. The benefits like reduction or total elimination of time in transport, more flexible schedule, more autonomy… are considerable. Nonetheless, the home office was a real nightmare for some workers with the difficulty to be concentrated, solitary work, distractions, technical and informational issues, lack of equipment… The work environment was also a source of stress according to remote workers who don’t find the motivation to be more productive at home.

In the ONS (Office for National Statistics) report, the numbers are clear :

The proportion of working adults who did any work from home in 2020 increased to 37% on average from 27% in 2019 with workers living in London the most likely to homework.

No matter, since last July, the legal obligation for home working ends. The worker was obliged to come back to work offices. The Square Mile started to be full with people covering with face masks — or not —  after months likes a desert city. The question today is whether the hybrid format will be maintained by a few companies.

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