Now that celebrations have returned to Trafalgar Square, what has been the economic impact of their absence?

I am delighted that we are seeing a return of our vibrant events programme – not only are they a fantastic way to bring Londoners together, but they also stimulate London’s economy and showcase London on an international stage. In 2021, a report by professional services firm Hatch and promotion agency London & Partners revealed that major events contribute over £600m, on average, to the capital’s economy every year and can be a huge catalyst towards London’s recovery from the pandemic. The report estimated that every visitor to a concert and cultural event generated on average £23 to the London economy.

Based on this figure, the absence of events on Trafalgar Square alone over the last 2 years, as a result of the coronavirus pandemic, amounts to a loss of over £12m to the local economy