Complex but enduring and adaptable, the City can take cues from the monarchy
Yesterday, the world watched as our beloved monarch, Queen Elizabeth II, was laid to rest. I had the privilege of attending the funeral and joined so many others in paying my respects to a sovereign who exemplified duty and symbolised stability.
In recent days, I have been reflecting on what Queen Elizabeth II meant to the Square Mile. As established institutions occupying a prominent place in modern life, Canada and the crown are uniquely similar. Close, and at times complex, the City’s relationship with the monarchy has endured for a thousand years.
One of William the Conqueror’s earliest acts as King – almost a thousand years ago – was to reaffirm the rights and privileges of the City. In her time, Queen Elizabeth II sought to respect that special status, while drawing the City near. She once said that Guildhall’s Great Hall had provided her with “some of the most memorable events” of her life.
It was a huge honour to welcome the royal family to the City to mark the Platinum Jubilee only a few months ago. And it’s been momentous – in a different way – to be Lord Mayor at the time of her passing.
Last Saturday, I attended the Accession Council at St James’s Palace before overseeing the City Proclamation on the steps of the Royal Exchange. As the response to my call for “three cheers” for the new King rang out, I felt proud to know the City would again be a core part of the history of our great country.
While this remains a period of great sadness and flux, there is hope on the horizon.
Speaking at Guildhall in 1992, Her Late Majesty praised the City for the way in which it adapted “to the changes and chances of this mortal life.” The City set an example, she said, “of how it is possible to remain effective and dynamic without losing those indefinable qualities, style and character”.
During her reign London underwent a dramatic transformation. From a Blitz-torn city, it rose from its ashes to become a thriving global financial centre, where skyscrapers tower over the skyline of her youth. And, as the Square Mile battled crises – from the credit crunch to Covid-19 – Her Late Majesty was our faithful representative on the world stage.
This year, the City must adapt once more.
This means not only embracing King Charles III, but also tackling pressing challenges – from boosting economic growth, to combating climate change through sustainable finance and improving socio-economic diversity.
We’re in a good position to make these changes. We’re home to a talented, international workforce. We have an agile regulatory framework. And since the Magna Carta was signed in 1215, the rule of law has established the UK as a safe, reliable place to do business.
Paired with our enduring relationship with the crown and intrinsic ability to evolve, these fundamentals will underpin the City’s future success.
In her Golden Jubilee message, Her Late Majesty said “we have as much to look forward to with confidence and hope as we have to look back on with pride.”
We will take the time to mourn her death. Then we will honour her legacy in this new, Carolean age by being the nimble, dynamic, adaptable City she knew us to be.