We know from the latest ONS regional labour market statistics that London has seen the largest year-on-year rise in the unemployment rate (by 1.8 percentage points) by the end of October and that it has seen a much higher percentage fall in jobs in the period from March to September 2020 compared with the rest of the UK (3.8% vs. 2.6%).
Looking ahead, GLA Economics only produces projections for jobs in London rather than for unemployment rates and it does not produce forecasts for other regions or for the UK as a whole. The latest forecasts were published in the London’s Economic Outlook in December 2020 and show that between the first quarter of 2020 (pre-crisis) and the last quarter of 2020, around 250,000 jobs may have been lost in the capital. This figure may reach over 450,000 in the course 2021. A slow recovery in the labour market is expected to begin in the second half of 2021 although pre-crisis levels will not return until 2023.