FUTURE OF THE CITY 4 WORLDS 1 row

Future 1 What if… London unlocks the next wave of growth?

Future 2 What if… London solidifies its international position?

Future 3 What if… London sets the pace for innovation and proportionate regulation?

Future 4 What if… London resets its national and global reputation?

FUTURE 1: What if… London unlocks the next wave of growth? London must contribute to a stronger UK economy and equally, London prospers if the wider UK economy prospers. To stimulate growth, the UK should direct more domestic capital towards UK businesses, to nurture and retain start-ups and scale-ups, and see more successful domestic businesses list in the UK. Technology and innovation (particularly in high potential sectors such as financial services, AI, clean energy, defence and life sciences) are vital to future growth and so must remain a priority for investment and policy support.

FUTURE 2: What if… London solidifies its international position? London is an international market. It’s source of advantage comes from being open, global and attractive to international firms, entrepreneurs, investors and talent. Some government policies are at loggerheads with attracting international talent. This should be reviewed if the City is to maintain its global competitive advantage. The City’s relationship with Europe, and vice versa, are pivotal. Mutual UK-EU recognition is desirable in areas such as defence, financial services and technology. A practical, co-operative approach to Europe is likely to be beneficial.

FUTURE 3: What if… London sets the pace for innovation and proportionate regulation? London reputation for regulatory standards is a source of trust and advantage. Investors do not want a ‘wild west.’ But financial services regulation needs to be proportionate and adaptable to facilitate innovation. There is support for the direction of regulatory travel, but there are strong differences of opinion about whether the UK has adapted regulation at the right pace. Regulators are not viewed as the source of challenges. Instead, regulators, government and industry must work together to make the UK a place where new ideas can be tested and scaled safely.

FUTURE 4: What if… London resets its national and global reputation? Domestically and internationally, London – and in particular the City’s – narrative is found wanting. The City must get better at telling its story, clearly demonstrating its value to the UK and the world. The City’s reputation must be treated as a protected asset to build trust and keep attracting investment and talent.