London Economy

Property prices in England and Wales have increased by 12% since they bottomed out five years ago.

According to figures from the Land Registry, average the value of the average home stood at £169,124 in March this year.

That is up from £150,490 in April 2009 - the lowest point following the crash that began a year earlier.

Price increases have been quickening as the economic recovery has taken hold, with stronger demand leading to a surge in values.

Read: Housing market boom 'biggest risk' to economic recovery

A leading trade union is claiming inflation has almost halved the value of wages in parts of London, since the recession five years ago. According to the GMB's figures, five out of the UK's eight worst areas are London boroughs.

The Government has announced that a four year goal of raising £11 billion pounds in economic benefit as part of the Olympic legacy has been met in just twelve months.

New foreign investment and firms winning contracts since last summer's events, has meant business is booming in the capital.

The total also includes £130 million of contracts won by UK companies for next year's soccer World Cup in Brazil, and the next Olympic Games, in Rio in 2016.

Londoners over the age of 50 contribute £53 billion pounds to the economy, according to a new report commissioned by the Mayor.

The Economic Contribution of Older Londoners report found that in addition to a £47 billion contribution to the economy through paid work, older people also provide £4.7 billion as a result of caring for other adults and £600 million providing childcare for their grandchildren.

Around £800 million is contributed by older Londoners through volunteering activities, figures show.

Around two million people in the capital are aged 50 or over, with 905,000 aged 65 and over.

Those behind the report say the findings dispel stereotypes that older people are a financial drain on society and their loved ones, and that they contribute as much to society - or in some cases even more - than they receive.

London's West End has seen a surge in shoppers for the first May Bank Holiday weekend - a 20 % increase year-on-year. Restaurants, theatres and retailers have had a buoyant weekend fuelled by the domestic holiday makers.

An angry stay-at-home mother attacked the Deputy Prime Minister during his weekly radio phone-in on LBC 97.3, accusing him of thinking what she did was a "worthless job".

The caller, named as Laura from East Dulwich, said to Nick Clegg: "I'm just wondering why the coalition is discriminating against mothers like me who care for their children at home, with the latest announcements?"

Read: The full story on the £1,200 childcare cost pledge

Her scathing attack came after it was announced in the Budget that a tax-free childcare scheme worth £1,200 a child for parents earning up to £150,000 would come into effect from 2015.

Read: Full details on the Budget 2013

The London mayor Boris Johnson said he "warmly welcomed" the Chancellor's announcement that homebuyers would get help to get loans.

Boris Johnson will be meeting apprentices at the Crossrail Tunnelling Academy in Ilford to kick off National Apprenticeship Week. A new concessionary travel scheme will help hard working apprentices.

London is one of the worst areas for people chasing jobs. A study by Unison found there were more than ten jobseekers per vacancy in a third of the capital's thirty two boroughs while in Hackney, there were more than twenty.

Two of the country's biggest unions have joined forces with the Institute of Directors to urge the government to increase airport capacity.

The GMB and Unite unions warned that 140,000 jobs were at risk unless urgent action was taken.

They said that Heathrow was "perfectly positioned" to act as the South-East's hub airport, branding the idea of an island airport in the Thames Estuary a "vanity project".

They said that the UK economy could be losing £8.5 billion a year by 2021 unless something was done to help businesses access world markets.

Len McCluskey, Unite's general secretary, said: "It is madness to think that the UK can muddle on without a top-quality international hub airport.

"Heathrow is perfectly positioned to fulfil that role and deliver all the associated economic advantages. Decisive action to maintain the airport's status is needed now.

"What is certain is that the country does not have the time nor the money to pursue vanity 'island airport' projects.

"Our economy desperately needs an airport infrastructure which is better than the patchwork provision we currently have around the capital."