London is full of talent, but that will soon change if we don’t build for the future
Like a solid lower-league football manager, business secretary Kemi Badenoch recognises that the most important thing in life is talent.
In her interview with us today, she says the capital will remain at the top table of global finance on the grounds that London will continue to be a magnet for the world’s best and brightest.
Let’s hope she’s right – but her government shouldn’t be complacent.
The last fortnight has seen a barrage of data on the cost of housing here; at the bottom, middle and top end, London is simply becoming unaffordable for far too many.
This newspaper, to take one business, has lost smart, bright, intelligent youngsters who have decided that the sensible financial decision is to work, and live, elsewhere. The knock-on effect of that is obvious.
What could change this? Building some houses would help. Reducing the cost of train fares from outside of London, too, would be an idea – the Germans are currently enjoying a (heavily subsidised) EURO SIGN 49 monthly season ticket, which is about the same cost as a peak-time return to Godalming.
Of course, in a sense, that housing remains so costly is a sign of the capital’s resilience. It was easy enough to buy central London property in the 1970s, but few would like to revisit the time of rubbish bags left uncollected in Leicester Square.
But we must start thinking about the future – the next generation – and ensuring that they can move to a prosperous, buzzy city, and build the businesses of the future.