Why London will bounce back from its Covid setback
For decades, London’s opportunities, unique history, buzzing entertainment venues, hospitality, shops, and nightlife have attracted people from all over the country, not to mention the rest of the world.
Although London hasn’t quite been the same during lockdown, with hospitality venues and non-essential shops being forced to close once again, the news of two breakthrough vaccines on the horizon, and an end to Brexit uncertainty in sight, have given small business owners greater hope and confidence that 2021 will bring some semblance of normality.
News of the effectiveness of two separate vaccines show that the pandemic will not last forever, and London will almost certainly make a comeback post-covid. The attraction of London to small businesses, start-ups and entrepreneurs may have become less apparent over the last few months, but London will rebound to become the globally leading city it has always been.
Once business owners in the hospitality, leisure, and entertainment industries are able to operate – perhaps not entirely as normal – but in a greater capacity than they currently can, the appeal of the capital will inevitably return. This will lead to this renaissance of London, where we will see huge numbers of people from across the country, and perhaps even overseas again, flocking back into the capital. This will provide a huge boost to London’s small businesses.
The SME community make up 99.9% of private sector businesses, and so supporting them to ensure their financial growth, is of the utmost importance to the overall health of the UK economy. Small firms already employ over 16million people in the UK, and pre-pandemic, this sector was growing at a faster rate than the overall job market. A return to this would provide a welcome boost.
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