Why there’s still plenty to cheer about in the City of London
Forget the doomsayers, there’s still plenty to cheer about here in the City of London, writes Chris Hayward
Given my role as policy chairman, you will not be surprised to read that I am an optimist. Nor will it come as a surprise that I am bullish about London’s – and the UK’s – economic prospects, despite global headwinds.
I am a lifelong observer of the City’s triumphs and travails. While there’s no escaping the latest gloomy growth forecast from the IMF, all successful business leaders know there’s a well-trodden path between crisis and opportunity.
Allow me to back my optimism by citing the latest official statistics. That the City of London’s contribution to the UK economy recently surpassed £110bn for the first time is significant, and yet unsurprising.
It’s significant because it’s undeniably a big number. Bravo. But to me and the many world-leading financial and professional services firms based in the Square Mile, it’s unsurprising, for the UK’s dominance in this arena is well-known, as is its ability to generate economic growth by attracting world-class businesses and talent.
Let’s shout about the City
The City of London is far greater than the sum of its parts. It’s a place where commerce combines with culture to create a world-beating offer to businesses, residents, students and visitors. It’s a place where people love to work, live, learn and explore.
And, at a time of heightened global uncertainty, we ought to be more confident in shouting about the many benefits of firms basing themselves in the City of London.
The City of London Corporation is playing an active role in this endeavour. Together with the Treasury and the Office for Investment, we’ve created a concierge service to both entice firms to the UK, and help them embed quickly into our financial ecosystem.
On top of these efforts, we are carefully curating the Square Mile for decades to come. Our planning policy is centred around creating an inclusive, accessible City, which enables workers and the wider public to proudly celebrate its history and heritage, while re-shaping parts of the City with potential for growth and regeneration.
The safest place to do business
We are the most safe and secure place to do business, in large part due to the presence of the City of London Police, which matches its reassuring physical presence with its expertise as the national lead force for fraud, economic and cyber crime.
Our transport strategy is also keeping residents, workers, visitors and students safer, with the biggest increase in cyclists since records began coupled with the lowest number of serious injuries on our streets. Work is beginning to transform the St Paul’s gyratory and southern section of King Edward Street. Largely unchanged since the 1970s, the designs will reorganise the traffic-dominated area to create a new, 3,000-square-metre public space called Greyfriars Square.
People are voting with their feet. Footfall is up post-pandemic. Our world-leading culture, heritage and hospitality offer is helping us maintain this trend.
We can go even further
We want to go further. ‘Destination City’ is our growth strategy for the Square Mile, which aims to ensure the City of London continues to play a leading role in driving London’s and the UK’s economy. One of our targets is to increase average footfall on Fridays, Saturdays and Sundays by five per cent each year.
For centuries, the City has weathered crisis and change. From the Great Fire to the Second World War, from Brexit to a global pandemic, major events have tested us. But every time, we’ve adapted and come back stronger.
Make no mistake – I am clear-eyed about the magnitude of the challenges we face. But I remain optimistic that a growing, prosperous City means we can continue serving communities across London, fuel a thriving UK economy and provide tax revenues to fund public services we all rely on.
Chris Hayward is policy chairman at City of London Corporation