London Daily

Focus on the big picture.
Wednesday, Oct 21, 2026

'It’s a ghost town': City of London market reacts to Covid slump

Leadenhall hit hard by Boris Johnson’s U-turn on encouraging workers back to their desks
Ten days after the government halted its back-to-the-office drive in England, sparse lunchtime scenes in London’s historic financial district indicate that employees have embraced the renewed instruction to work from home.

A rain-soaked and windswept Friday had drawn few visitors to the shops, restaurants and pubs at the capital’s Leadenhall market, close to the Bank of England, the Gherkin skyscraper and the insurance market Lloyd’s of London.

In pre-Covid times at this time of the working week, the market would have been “heaving, absolutely rammed”, said one customer having a drink at a table outside the New Moon pub, who declined to give his name.

A worker usually based in the area, he was visiting the City for the first time since March and was surprised to see the market so quiet, where many of the grab-and-go lunch outlets including Pret a Manger and Leon have not reopened since lockdown.

“It’s a ghost town,” said Suzie Griffin, owner of Nicholson & Griffin hairdressers located at one of the market’s entrances. “Yesterday we only did two haircuts all day.”

She said trade had been slowly picking up in September at the salon and the three other branches run by her husband and herself in the City and the Canary Wharf financial district, until Boris Johnson recommended a return to homeworking on 22 September.

“I could feel business coming back a bit, then the next day it dropped off a cliff,” Griffin said.

Daphne Thomas opened the doors of her Leadenhall market cake shop, Aux Merveilleux de Fred, for the first time on 15 September and noticed a change soon after advice on work changed. The market was noticeably busier before 22 September she said. “Boris Johnson spoke on the Tuesday. We didn’t notice a change on the Wednesday and Thursday, but we did the next week. People got organised and decided to leave work and stay home,” she added.

A shop assistant at another food outlet in the market, who didn’t want to give her name, said trade had been quieter following the PM’s announcement.

A string of financial firms including Barclays, PwC and Goldman Sachs, put the brakes on their office return plans in England following the government’s U-turn on encouraging workers back to their desks. Prior to the 22 September change, ministers had said that from 1 August employers in England could decide whether staff could return to the office, which had given them more leeway than the previous advice which was to work from home where possible.

The reversion to previous advice on homeworking sparked an immediate drop in commuting, according to data from the Office for National Statistics released this week. In the week following Boris Johnson’s intervention, 59% of UK workers travelled on their usual commute, compared with 64% the previous week.

Road traffic across the UK declined by about 3%-4% in the six days after the 22 September announcement compared with the previous week, according to he Department for Transport. Rail industry sources said they were experiencing a “noticeable decrease” in passenger journeys after numbers had climbed to more than 40% of pre-pandemic levels daily at the start of the month.

Statistical evidence of a drop-off in commuting is a blow to businesses such as Griffin’s, amid signs that people were drifting back to their desks in ever greater numbers. The return to the office had begun to gather pace in early September, according to data collected by the Alphawise research unit of US bank Morgan Stanley.

It showed that prior to the prime minister’s announcement, almost half (45%) of British staff had gone back to their workplace, compared with 37% in August and 34% in July. Before the pandemic, about 500,000 people travelled to work in the Square Mile financial district, the vast majority of them commuting on public transport.

The loss of office workers and tourists has hit hospitality and retail businesses in the City hard.

“Hibernating through the winter is not an option for our economy,” warned Catherine McGuinness, policy chair at the City of London Corporation, the Square Mile’s governing body and landlord of Leadenhall market. “We are building up an economic crisis which has the potential to impact more people than the health one. It is vital that we protect livelihoods as well as lives.”
Newsletter

Related Articles

0:00
0:00
Close
Housebuilding Across Scotland Plummets to Eleven-Year Low Despite Government Pledges to Tackle National Housing Emergency
Greggs Announces Factory Closures Across Northern England and Scotland Affecting Seven Hundred Forty Jobs
United Kingdom and Singapore Conclude Eleventh Financial Dialogue in Singapore to Deepen Cooperation on Digital Finance and Capital Markets
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs to Gas Bills and Tap Windfall Profits to Lower Consumer Prices
British Broadcasting Corporation Announces Major Cost-Cutting Overhaul to Close Linear Broadcast Services for Television Channels BBC Three and BBC Scotland Alongside Digital Radio Station BBC Radio Four Extra
London Capital Markets Face Renewed Scrutiny After High-Profile Offerings Underperform Post-Listing
Green Party Wins Historic First Westminster Parliamentary By-Election in Gorton and Denton
Environment Secretary Emma Reynolds Unveils Sweeping Regulatory Overhaul for English Water Industry
United Kingdom Health Security Agency Confirms Thirty-Four Cases in Kent Meningitis Outbreak
Ministry of Defence Prepares Heat Pump Subsidy Cuts to Fund Urgent Military Modernization
British and European Union Officials Schedule Long-Awaited Bilateral Leaders Summit for November Twentieth
Bank of England Governor Andrew Bailey Urges Strict Fiscal Credibility to Protect British Bond Markets
United Kingdom Inflation Rises to Three Point One Percent Driven by Escalating Fuel Costs
Profit Warnings Among London-Listed Companies Reach Two-Year High Amid Global Energy Shocks
Chancellor John Healey Signals Targeted Tax Changes on Banks and London Corporate Offices Ahead of Budget
British Government Reallocates Twenty-Five Per Cent of International Climate Finance to Global Biodiversity Projects
Initial British Carbon Border Taxes Set to Undercut Parallel European Union Tariffs on Industrial Imports
Whitehall Prepares National Zero-Interest Loan Initiative to Accelerate Domestic Heat Pump and Solar Adoption
European Union Offers British Automakers Access to Hybrid Vehicle Trade Protections Subject to Strict Regulatory Alignment
British Probation Officers Threaten Widespread Industrial Action After Rejecting Five Per Cent Government Pay Offer
Microsoft Abandons Major British Artificial Intelligence Data Centre Citing Severe National Grid Power Constraints
United Kingdom Inflation Accelerates to Three Point Four Per Cent Ahead of Chancellor John Healey's Inaugural Autumn Budget
Surging Cloned Number Plates Severely Complicate Traffic Enforcement and Police Investigations
Mounting Opposition Challenges Planned Rollout of Autonomous Taxis Across London
Influential Think Tank Urges Rejoining European Union to Navigate Geopolitical Crises
Government Review Recommends Slashing Benefits to Fund Youth Employment Initiatives
Senior Minister Shabana Mahmood Seeks New Law Enforcement Pact With European Union
Airbus Executive Warns Britain Risks Losing Crucial Role in European Space Industry
Exorbitant Electricity Costs Push British Steelmakers to Worst Competitive Position in Three Years
British Food and Beverage Exports to European Union Collapse by Over a Third Since Brexit
Up to Twenty English Maternity Units Face Impending Closure Due to Safety and Staffing Crises
Government Declares Severe Drought Across Southern England Following Record Dry Spell
Corporate Profit Warnings Reach Two-Year High Amid Middle East Conflict and Rising Costs
International Monetary Fund Warns Chancellor John Healey Against Proposed Bank Tax Raid
Northern Ireland Secures Favorable Agricultural Export Agreement with European Union
Scottish Government Approves Major Offshore Floating Wind Farm Near Aberdeenshire
High Speed Two Rail Project Faces Three Billion Pound Cost Escalation on Initial Phase
National Health Service Warns of Winter Capacity Crisis Across English Hospitals
Tata Steel Confirms Two Thousand Job Cuts at Port Talbot to Fund Green Transition
Global Microchip Developer Announces Three Billion Pound Semiconductor Plant in Cambridge
United Kingdom Artificial Intelligence Safety Institute Proposes Mandatory Licensing for Generative Models
United Kingdom Commits Additional Long-Range Weapons and Air Defenses to Ukraine
British Chancellor Overhauls Infrastructure Financing to Bypass Borrowing Constraints
Bank of England Holds Benchmark Interest Rate at Four Point Five Percent
First Minister Rhun ap Iorwerth Confirms Constitutional Discussions Over Welsh Independence During Initial Bilateral Call with Prime Minister
Labour Party Instructs Local Council Groups to Sever Power-Sharing Accords with Green Party Over New Controversial Policy Positions
Institute for Fiscal Studies Warns of Thirty-Five Billion Pound Fiscal Gap Ahead of Chancellor John Healey Upcoming Autumn Budget
House of Lords Backs Landmark Legislative Amendment to Decriminalize Abortion Across England and Wales
United Kingdom Defence Secretary Wes Streeting Travels to Pentagon for High-Level Strategic Talks Amid Escalating Tensions Over Ukraine and United States Policy Shifts
Bank of England and International Monetary Fund Officials Issue Urgent Warnings Regarding Potential Artificial Intelligence Financial Market Shocks
×