>> Is Brexit already having a measurable effect on the UK's vital finance sector? That's the question, Reuters is hoping to answer by monitoring six indicators. Taking a pulse of London's financial centers. Its been known for centuries as The City but now stretches from the upmarket Mayfair through the bustling actual city of London or Square Mile to the sky scrapers of Canary Wharf.
And it matters because the financial services industry you find here, accounts for around 12% of the UK's economic output. Here's what the Reuters indicators tell us so far.
e cost of renting commercial property such as offices, in the city of London, dropped more in 2017 than at any point since 2009, the end of the global financial crisis.
That's according to to Savills, one of the UK's biggest real estate firms. Rents have fallen by 5% in the city of London since the Brexit vote and remained flat in Canary Wharf. While interest from overseas buyers looking to invest in the city, remains buoyant.>> There is definitely a divide down the middle between the bulls and bears.
I would say domestic investors in particular are more pessimistic about the future, the non-domestic investors.>> The number of passengers using the city of London's main underground stations is also falling. According to data from Transport for London, the number of journeys going in and out of Bank and Monument Stations fell by 2.7% in the first 8 months of the year, compared with 2016.
On course for its first fall since 2009. The number of people using Canary Wolf Station is still rising but at a slower pace. Reuters will continue to monitor these two indicators and four other factors. New bar and restaurant openings, passenger numbers at London city airport, new finance jobs created in the UK, and the number of finance jobs heading overseas.
Keeping a close eye on the health of the city as the nation heads towards Brexit Day in 2019.