London needs to work with cities around the country for economic recovery
As Lord Mayor, I would normally have visited more than 20 countries over the course of the year, to promote partnership with the UK’s world-leading enterprises – mainly financial and professional services – and showcase our unique cultural offer. Since the start of the pandemic I have replaced these with over 2,500 video calls.
It was refreshing then, to finally be able to hold physical meetings in Leeds and Sheffield last week, following the lifting of the lockdown restrictions in England, to deepen the City of London Corporation’s established partnership with Yorkshire.
No matter how efficient virtual communications can be, when it comes to forging ties and building business collaboration, nothing can replace personal interaction. Close personal collaboration acts as a springboard to growth and investment, feeds creativity and helps to create jobs and opportunities across regions and nations.
Collaboration between financial services hubs up and down the country will play a crucial role in driving prosperity nationwide as we look to build back better following the pandemic. With two thirds of financial services jobs outside of London, these centres are already making significant contributions to the economy both locally and nationally.
It is with good reason that I started with Leeds and Sheffield. Both are key hubs in the City Corporation’s Global City UK strategy, which is focused on increasing inward investment and utilising London’s strengths as a global gateway to help local firms export their products and services.
Not only is Leeds one of the biggest centres for financial and professional services outside of London, but it is also set to host Leeds 2023 Year of Culture, so it made perfect sense to make it a priority visit.
I was also excited to be visiting Sheffield, to discuss the city’s strategic economic plan focussing on growth, inclusion and sustainability, as well as new opportunities being unlocked with the arrival of HS2.
Additionally, the Yorkshire area is primed to develop as a leading location for fintech and is home to the UK’s first fintech accelerator outside of London. Legal services tech, like fintech, is an emerging sector with enormous potential to scale in the area.
It was also exciting to visit the new National Infrastructure Bank on the very first day of its offices opening in Leeds. Its mission is to help to provide the finance needed to deliver major projects alongside the private sector.
Investment is needed right across the country, including London as well as Yorkshire, in order to realise the Government’s levelling-up ambitions to boost productivity and growth: this is not a zero-sum game. It is also vital that this funding is targeted to support projects that will help put the UK on a path to meeting its net zero target by 2050.
Yorkshire’s success is a great opportunity not only for the region but also the City. Successful, thriving hubs across the country benefit London and vice versa. Together, we can share expertise and help drive forward the UK’s economic recovery forwards as we emerge from lockdown.