英国伦敦工商会&Savanta：2026年第一季度伦敦企业经济状况调查报告（英文版）（16页）.pdf

1、LONDON QUARTERLY ECONOMIC SURVEYIn partnership withProgramme partnerCONNECT.CHAMPION.SUPPORT.January March 20262FOREWORDAfter a challenging end to 2025,London businesses entered the new year on a more stable course.However,this does not signal a return to growth.The current situation suggests that e

2、arly signs of stabilisation are now under threat,as businesses continue to operate in an environment defined by high costs and ongoing uncertainty,further exacerbated by geopolitical shocks.Without decisive action,any remaining progress is at risk.The bigger picture remains one of caution rather tha

3、n confidence.Hiring remains subdued,investment is more selective,and many firms are focused on maintaining operations rather than expanding them.Firms have no option but to prioritise resilience over expansion,focusing on risk management rather than growth.This is a rational response to uncertainty,

4、but it does not lay a foundation for sustained growth.At the centre of the challenge is the cost burden faced by businesses.High labour costs,elevated finance charges,and an outdated business rates system continue to restrict firms ability to invest,recruit,and grow.A more complicated regulatory env

5、ironment adds extra pressure.These pressures are not cyclical;they are structural and holding back growth.Recovery is also uneven.Larger firms are better equipped to handle ongoing pressures,while many smaller businesses have limited capacity to do so.This widening disparity is becoming a key featur

6、e of Londons economy and raises concerns about the resilience and sustainability of the recovery.Recent geopolitical developments have further increased uncertainty at a time when many businesses have limited capacity to absorb additional shocks.Rising energy costs and heightened uncertainty are fee