Staff still shun London’s ‘ghost town’ finance hubs

The City, a square mile in the heart of the British capital traditionally home to the finance industry, was eerily quiet over the past week, with just a smattering of tourists strolling the streets around St. Paul’s Cathedral.

In Canary Wharf in east London’s Docklands, known for its skyscrapers housing the headquarters of major banks and related firms, it is a similar story.

The picture has not changed much despite the government encouraging employees to begin returning to workplaces since August 1 in a bid to boost the struggling British economy.

It is up to individual companies to decide how forcefully to urge their staff back and many are opting for a more relaxed approached.

“Many of our clients, particularly in finance and insurance, are not coming back to work until next year,” said Pablo Shah of the CEBR economic consultancy.

Although London’s business districts are typically more empty at the peak of summer, the city has looked like “a ghost town” recently, he added.

Part of the reason is companies have adopted remote working successfully.

Many employees have become comfortable holding meetings via videoconferencing and appear more than happy to do without the long and costly daily commutes to offices.

Fears over using public transport and childcare issues remain the prime obstacles to office returns, according to business lobby London First.

But it expects things to change more significantly in September, when children are set to return to school.

Only 34 percent of executives in Britain — 31 percent in London — are back in the office, a study by US bank Morgan Stanley reported this week.

The country, which has the highest death toll in Europe from the coronavirus, lags behind its continental neighbours, which have seen a majority of white-collar employees return to workplaces.

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