If London is to continue to thrive, MPs must take a no-deal Brexit off the table

There is no denying that trying to sell London to international investors this week of all weeks presents a challenge.

Inevitably, uncertainty caused by Brexit has made some businesses more hesitant to commit further to operations in London than they would have been otherwise.

Looking beyond the imminent drama in Westminster, however, I have reason to be bullish about the capital’s long-term future as I head to France today for Mipim, the world’s largest property conference.

New research that we have released with the City Property Association has revealed that large companies surveyed in the world’s top central business districts viewed London as the best location for global teams, beating New York, Paris, and Singapore.

London was ranked as the leading global city for innovation that increases revenue as well.

The research also demonstrated how the City’s office market continues to prove its attractiveness. Bank of America Merrill Lynch, Goldman Sachs, and many others have renewed commitments recently, or are due to open premises in the Square Mile.

And we are seeing an influx of creative, tech and startup occupiers, such as Monzo, McCann Erickson, and many more – reflecting that the proportion of tech employment in London is almost two and half times the EU average.

Excitingly, more than half of the upcoming developments due to be completed by 2026 are hosting free public viewing galleries, adding to the recently-opened roof garden in the City at 120 Fenchurch Street.

The changing face of the Square Mile is reflected in the growing City Cluster, which is already home to many of London’s tallest and most iconic buildings. It is also evident in our growing retail and cultural offer, demonstrated visibly by the likes of The Ned and the Bloomberg Arcade, as well as proposals for a new Centre for Music.

The City’s long-term fundamentals remain in good shape. Innovation and reinvention have always been in the City’s DNA. However, the reality is that we continue to face uncertainty in the short term.

That’s why last week’s indications that the services sector could soon come to an almost complete economic standstill should be a warning to MPs, as we come to pivotal votes over the next few days.

So my message is clear: if we want to continue to make the City an even better place to work and visit, a no-deal scenario – that puts jobs and prosperity in jeopardy on both sides of the Channel – is unacceptable, and must be taken off the table.

The solution is simple: a legally binding transition period needs to be secured in order to provide time to address cliff-edge issues, while enabling us to move on to the next phase of negotiations on the UK’s future relationship with the EU.

Of course, London will continue to be an attractive hub for international investment and property developers long after 29 March.

But a positive resolution to the long-running Brexit gridlock in parliament this week would give a further boost to the City’s continued evolution into a vibrant business and cultural destination.