I’ve lived in many places – but nowhere compares to the City of London
It may be January, but Michael Mainelli says it’s time for optimism in the City of London, which already contains an abundance of resources for success
As we turn the page on a new year, Londoners will be wondering what 2024 has in store for the capital. The cost of living crisis cast a gloom over 2023 and, as inflation slows, residents and businesses alike will be hoping for a sunnier outlook in 2024.
Dubbed the “mega election” year, 2024 will see countries with more than half the world’s population head to the polls. And the London mayoral and UK General Election are set to bring the economy and other issues – transport, housing, the NHS, immigration – to the fore.
On Thursday, London government leaders including the Mayor of London Sadiq Khan and the chair of London Councils councillor Georgia Gould will gather at Mansion House to discuss the opportunities and challenges on the horizon.
There’s no silver bullet for the problems facing the capital but, when London government leaders pull together, we create a brighter future for our city.
Boosting investment will be central to raising our beleaguered growth trajectory. “Opportunity London” – which aims to drive investment across the capital – is one such initiative, and I’d like to commend all involved for this important work.
I’ve lived in many places, but there’s nowhere like the City of London. The Square Mile is a historic centre of culture and commerce. Surrounded by 40 learned societies, 70 higher education institutions, 130 research institutes, containing over 24,000 businesses, and with more than 300 languages spoken, access to incredible talent and global connections is unparalleled. My theme as Lord Mayor, “Connect To Prosper”, explores how the City can leverage these assets to tackle big challenges that affect the capital, nation and world, from mental health to climate change.
In that spirit, we’ve revived the coffee house tradition on which London was built, with networking sessions
where leaders can discuss big issues, and an extensive, free, online lecture series.
2023 was the year AI went mainstream. So, we’re ensuring London plays a key role in unlocking the opportunities of this new tech. Our Ethical AI course recently launched with the Chartered Institute for Securities & Investment has had well over 1,000 enrolments in just a few weeks.
We must also use this new year to do more to ensure everyone benefits from the capital’s success. With a quarter of Londoners living in poverty, creating a fairer capital – within a stronger, more prosperous UK – has never been more important.
The City Corporation manages 12 London housing estates and recently announced plans for 110 new social homes in Lewisham. The City Bridge Foundation continues to award over £30m a year and has recently approved £14m of long-term funding for charities tackling inequality. And the £1bn relocation of London’s historic wholesale markets will stimulate the local economy and bring thousands of jobs to Barking and Dagenham.
Elsewhere, we’re striving to make the Square Mile a world-leading leisure destination for visitors, workers and residents through our Destination City programme. And the City’s Vision for Economic Growth will ensure our financial and professional services sector remains internationally competitive and delivering for the whole UK in the years to come.
Though the issues the world faces are great, let’s be optimistic: pessimism is for better times. Here in London we already have the ingredients of success: a leading global centre with multifarious connections, top talent, a world-class legal system and the world’s most exciting start-ups in science and innovation. I am hopeful that if we harness these strengths 2024 will be a year of positive change for our capital.