London hasn't been “left behind”, it hasn't suffered from “deindustrialisation”, and there is little sign that it was harmed by “40 years of neoliberalism”. There are worrying signs that the economic decline of the capital is starting to accelerate – and that is turning into an emergency. More than 400,000 Londoners left the capital for other parts of the country in 2025, according to the Office for National Statistics. Sure, plenty of people still moved to London, but there was still a net outflow of 130,000. London pays 27% of the income tax the Treasury collects every year, and 36% of the corporation tax.