The Null Device

2013/2/4

The economic difference between London, a global centre of finance, where wealth is conjured into being and every Russian oligarch and Saudi princeling worth his salt has to have a pied à terre, and the rest of Britain is drawn into sharp relief by a recent property value survey:

Research shows that the net value of properties in just 10 London boroughs – Westminster, Kensington & Chelsea, Wandsworth, Barnet, Camden, Richmond, Ealing, Bromley, Hammersmith & Fulham and Lambeth – now outstrips the worth of all the properties in Wales, Northern Ireland and Scotland combined.
The capital’s richest borough, Westminster, with 121,600 dwellings, is worth £95bn – more than twice the value of Edinburgh (pop 500,000) and three times that of England’s sixth most populous city, Bristol.
That's one thing one forgets about living in London: that this isn't normal. The high property values (and rents), the billions of pounds poured into public transport, the presence of everything from world-class art exhibitions to lunch options more interesting than a supermarket sandwich: none of this would be here were London not a global city-state of its stature, alongside the Singapores and Dubais of this world.

Of course, the downside of this is that London is considerably less affordable for those who aren't oligarchs, princelings or otherwise loaded.

economics london neoliberalism society uk 0