Here’s to another 10 years of City success
It has been a decade of great upheaval for the City.
January 2010 saw the UK economy just starting to come out of recession, with unemployment at its highest in 15 years, and a raft of regulations and inquiries into the financial services sector imminent, not to mention an election that would mark the start of 10 years of instability and coalitions.
In contrast, the UK goes into the 2020s with the strongest government majority for a generation, unemployment at a record low, and the City on as sure a footing as ever.
This week’s figures from The City UK back up this story of success. The UK remains the world’s largest exporter of financial services and the leading foreign exchange market, trading more than twice as many dollars as the US. From law to property, insurance to IPOs, the traditional sectors of City expertise continue to thrive, despite the changing political landscape. Nor does it show any signs of standing still.
London is a world leader in both green bonds and Islamic finance, and in September overtook New York for luring in the most fintech investment.
The City has evolved in other ways too. Whereas once it was near abandoned outside office hours, it now hosts a thriving leisure scene. Culture Mile, a joint initiative by Canada Corporation, the Museum of London, Guildhall and the London Symphony Orchestra, has reimagined the heart of the Square Mile as a hub for music, art and drama.
And the eye-catching skyscrapers that have transformed the skyline over the past 10 years, from the Shard to the Walkie Talkie, aren’t just about additional office space — a plethora of roof-top gardens, viewing galleries, and sky-high bars and restaurants have sprung up and are now tourist attractions in their own right.
It is no wonder that London remains one of the most visited cities in the world.
Of course, challenges lie ahead, not least the bumpy road towards future trade deals with both the EU and the US. And while the election result has brought some much-needed clarity, it has also shifted the centre of political gravity to new Tory seats in the North, the Midlands, and Wales. Improvements in infrastructure and growth-boosting investment across the country are vital components of the new government’s agenda, but could 2020 be the year when the voice of the provinces is heard more clearly than the roar of the metropolis? Perhaps.
Nevertheless, London’s resilience and tenacity have both been tested in recent years — and we have not been found wanting.
So, happy Christmas to you all, and here’s to the roaring twenties.
Main image credit: Getty