If we want the world to choose London for financial services, we need to get better at rolling out the red carpet and signposting investors to everything London has to offer, says Susan Langley
In my last column, I talked about getting ready for the first ever Lady Mayor’s Banquet. With these big set-piece moments in the City, you rehearse, you plan, you prepare – but when you finally get there, it feels even more special. As someone born within the sound of Bow Bells, standing in Guildhall that evening, with the sound of state trumpets echoing off the walls, I was really reminded just how amazing and welcoming this City can be.
If one banquet wasn’t special enough, we also hosted President Frank-Walter Steinmeier of Germany, alongside the Princess Royal: marking the first German state visit to the UK for over 27 years.
These events are founded on centuries of tradition and history, but they celebrate innovation, evolution and friendship too. Tradition and modernity are never mutually exclusive, they make us who we are and keep the City moving forward. Where else in the world could you have UK and German Ministers, CEOs, royalty and faith leaders under one roof? At a time of growing division and tense geopolitics, the City’s soft power really does matter. People often worry about the City slipping in the global rankings. Yes, we’ve got work to do on listings and on simplifying regulation. But we shouldn’t ignore the strengths that set us apart from our competitors. The pageantry of Windsor Castle and the energy and elegance of Guildhall and Mansion House bring the world to our doorstep in ways that genuinely improve our place on the global stage.
We need to take better ownership of the City’s narrative and actually tell the story of its success. I often say that, in the City, we need to be far more Tigger and far less Eeyore.
Just over a week ago, JP Morgan announced plans to build a new 3m-square-foot office in Canary Wharf, its most significant presence anywhere in Europe, the Middle East or Africa. That is a substantial vote of confidence in London as a global financial centre.
A £10bn boost to the economy
A £10bn boost to the economy, thousands of jobs, and a long-term commitment to London all reinforce the UK’s position on the global stage. Major investments like this strengthen the entire ecosystem that underpins our financial services success.
On top of that, Goldman Sachs announced it will double its Birmingham headcount from 500 to 1,000 over the next few years, deepening its commitment to the UK. Their London office is already the bank’s largest in Europe. International firms aren’t chasing quick wins; they’re backing the UK for the long haul.
We want to see others follow suit. That’s why in my mayoralty, I want Mansion House to act as the UK’s embassy for financial and professional services. I want to use its convening power to bring industry and government, regulators and international investors together and have honest conversations about how to get more investment into the UK.
And we’re already doing it. In the past few weeks alone, we’ve welcomed the leadership team from US insurer AM Specialty to mark their authorisation and expansion into the UK. We’ve also hosted Justice Secretary David Lammy, Security Minister Dan Jarvis, and City Minister Lucy Rigby as they launched the Government’s new Anti-Corruption Strategy — making sure the UK is not just the best place to start and grow a business, but also one of the safest.
If we want the world to choose London for financial services, we need to get better at rolling out the red carpet and signposting investors to everything London has to offer.
Susan Langley is Lady Mayor of the City of London