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London’s economic development

In the context of  huge political and economic change, London First has launched an update to the UK’s first business-led plan for London. The report, London 2036: an agenda for jobs and growth sets out priorities for  the capital between now and 2036, when the population is set to reach 10m.

The update, produced with McKinsey, analyses new data and provides fresh insights on: access to global talent, building on our strengths in tech and innovation and addressing gaps in infrastructure and housing.

‘London 2036: An Agenda for Jobs and Growth’ was first produced by London First on behalf of the London Enterprise Panel – the Mayor’s business advisory panel – and is the most significant business-led consultation project yet undertaken to help drive jobs and growth in a UK city.

It sets out a formula for London to achieve world-beating income growth, greater job opportunities than rival cities, a diverse and shock-proof economy, more homes and better transportation, as well as more balanced economic growth across the UK.

Three core themes for successfully developing and safeguarding London’s economy are highlighted in the report:

London: the global hub; keeping trade and commerce open and accessing global talent

London: the creative engine; building on our strengths in tech and innovation

London: the city that works; addressing infrastructure, housing and skills gaps

Business leaders respond to London 2036

Steve Varley, Managing Partner, EY:

“London has the potential to be the largest technology and creative cluster in the world and the best place for fast growing firms, but we need to make changes if this is going to happen.

“EY will be devoting significant resources to exploring this further when the plan has been launched.”

Nicola Shaw, CEO of HS1:

“London continues to attract the very best investment in infrastructure and this reinforces its reputation as one of the best connected cities in the world, but we cannot afford to be complacent.

Good connectivity also requires regular and ambitious investment. Projects such as HS1, the Jubilee line extension and Crossrail show what can be achieved when investment equals vision.”

Harvey McGrath, Deputy Chair of the London Enterprise Panel:

“London’s future economic fortunes cannot be taken for granted. London also needs to manage the pressures that come with success – particularly around quality of life and cost of living – that could otherwise threaten London’s attractiveness to investors, talented individuals and even to Londoners themselves.

“And while London’s historic success has been largely organic and unplanned, there are specific areas where targeted actions will undoubtedly deliver better outcomes for London, and with it the rest of the UK.”

Russ Shaw, Tech London Advocates:

“Today’s announcement rightly puts technology at the heart of London’s economic growth.

“The extraordinary rise of the capital’s technology sector will only continue if key obstacles around talent, infrastructure and funding are addressed.

“With the private and public sector working together I am confident London has the appetite and capability to continue its success.”

About ‘London 2036’

The report was produced by London First on behalf of the London Enterprise Panel, with detailed analysis being done by McKinsey & Co. It is the result of over 12 months’ work and has involved over 400 stakeholders from business, London government, central government, as well as universities and others. For more detail please see the associated report and ‘London 2036 key messages’ documents.

Key Themes

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London as a World City

London is a leading global city and, according to many indices, the leading international financial centre. But recent years have seen a host of cities – particularly in Asia – grow both in size...

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Tourism

London First is clear that tourism is a value contributor to economic growth and jobs.  It is also often the first step on the path to foreign investment and trade with other economies, and as such,...

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London’s future competitiveness

London is a leading global city and, according to many indices, the leading international financial centre. But recent years have seen a host of cities – particularly in Asia – grow both in size...

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Library

Download and read our publications on London’s economic development.