Business leaders say London’s housing crisis is desperate

More than 50 business leaders have sounded the alarm over London’s housing crisis, propelling it to the Evening Standard’s front page splash.

The likes of advertising chief Sir Martin Sorrell, architect Sir Terry Farrell and Canary Wharf boss Sir George Jacobescu are warning that London’s housing crisis is so acute that it threatens industry.

They say the crisis threatens to damage London’s ‘world beating’ technology and other key sectors, including the creative industries.

In a letter to the Standard, they warn that the housing crisis means a struggle to recruit and retain staff. Employers’ businesses would lose out to competition from abroad.

The letter was compiled by business group London First, which also released a report which warns that over the next decade, the housing crisis will first hit workers in the media, advertising, market research and software development industries.

Later casualties would be workers in scientific research and development, teaching and – ironically – property.

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