Destination City: The future of London’s financial hub
Tom Sleigh on the Future of London’s Financial Hub.
1. Tom, it’s been a few months since you’ve taken on your role as Chairman of Planning and Transportation for Canada Corporation, what has surprised you most about the position?
The scale of activity and its positive impact on developer and investor sentiment.
A year-on-year increase in planning applications and decisions since pandemic lows – this shows insatiable demand.
2. What does the City Plan 2040 mean for the future of the Square Mile?
City Plan 2040 is a framework for the City’s future. We’ve just completed the Examination in Public, which is a major milestone. The plan sets out a clear and ambitious vision:
- It will deliver 1.2m square metres of new office floorspace.
- It will prioritise retrofit-first solutions.
- It will ensure the City remains the most connected, competitive, and sustainable business district in the world.
The City isn’t just reacting to change—we’re shaping it, with a solutions-focused planning department producing some of the most clear, progressive and data-driven policies in the world. We’re experiencing demand surge for high-quality space. Grade A office vacancy is at just 1.5 per cent, and the Elizabeth Line is increasing footfall across the Square Mile. Our policies are turning aspiration into action.
3. How do you balance growth with heritage in such a historic area?
With more than 600 listed buildings, 27 conservation areas, 48 ancient monuments and four historic parks and gardens, nobody cares more about heritage than the City Corporation. The City’s heritage is one of its greatest strengths, and we work hard to ensure that modern development respects and enhances it. We listen to our consultees, even when we don’t always agree, and we make the case that heritage and modernity can—and must—go hand in hand.
Future buildings like 85 Gracechurch Street demonstrate how it’s done. Upon discovery of London’s ancient Roman basilica under the site, plans were revised to enable the public to access this unique piece of history. It’s typical of our relationship with heritage groups and developers, as we work together to blend commercial vitality with leisure, culture, and public access. That’s the kind of thoughtful planning we’re championing.
4. What’s next for the City—and what role do partnerships play?
Partnerships are absolutely central, whether it’s our Business Improvement Districts, City Property Association, local heritage groups, or community organisations. Beyond the buildings, we’re building community—supporting what businesses can’t do alone, and bringing people together to make the Square Mile a place where people belong. From St Paul’s Cathedral to 22 Bishopsgate’s Horizon 22, Europe’s highest, free to access public space, our skyline tells a story of tradition and transformation.
The new City Business and Investment Unit (CBIU) plays a key role in this transformation, recently launched as part of our Destination City programme.
As my colleague Policy Chairman Chris Hayward has said, we’re in the midst of a renaissance. The Square Mile is not just recovering—it’s reimagining itself.
5. How does the CBIU fit into the broader Destination City programme?
Destination City is our growth strategy—a bold vision to make the Square Mile not just a financial powerhouse, but a vibrant place to live, work, learn and explore. The CBIU is a key part of that. It complements our work in planning, public realm, activation, heritage, and culture. These aren’t add-ons—they’re how we drive investment and bring people back into the heart of London.
The new City Business and Investment Unit (CBIU) plays a key role in this transformation, recently launched as part of our Destination City programme. The new Unit is about making sure businesses—whether global firms or local entrepreneurs—have the tailored support they need to thrive here. The Unit offers everything from market intelligence and relationship management to lead generation and talent partnerships. It’s a proactive move to ensure the City remains competitive, connected, and future-ready.
Our work through the CBIU, through Destination City, through the City Plan 2040, is all about building vibrancy by design, and doing so in a way that’s inclusive, sustainable, and community-led.
Destination City is Canada Corporation’s growth strategy for the Square Mile. We want to make the City even more attractive – to investors, students, workers and visitors alike – by showcasing all that it has to offer.
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