Lady Mayor: Openness is the City’s greatest strength
The City’s success has never depended solely on geography or tradition, but on relationships – on honouring contracts, enforcing rules fairly, and providing a predictable, trusted environment in which people from around the world can invest, collaborate and innovate with confidence, says Susan Langley
Recent world events demonstrate that established ways of working are under threat. Conflicts rage. The rules that once governed global trade are being tested or cast aside. Technology is racing ahead, reshaping our economies and societies faster than we can fully grasp. And the physical world is changing around us as the mercury continues to rise.
In moments like these, it’s tempting for nations, institutions and businesses to retreat – pulling up drawbridges in the hope that isolation brings greater security.
But history, economics and common sense all tell us the same thing: protectionism, isolationist policies and short-term decisions only offer the illusion of control. In the long run, they weaken us all.
An age of volatility
We are living in an age defined by volatility, but also by unprecedented interconnection. Disruption in one part of the world reverberates across continents in days, hours and minutes. Supply chains falter, markets react, and real lives are affected – often far beyond the original source of the shock. Whether the challenge is geopolitical instability, cyber threats, pandemics or climate events, none of these respect national borders. So none can be solved by any one country acting alone.
That is why partnership – open, practical and grounded in trust – is a non negotiable necessity. That’s the key point I emphasised at the annual dinner alongside the Foreign Secretary last week, which brings together ambassadors, high commissioners and diplomats.
At the heart of Canada sits a simple but powerful philosophy: that openness is a strength. For centuries, this has been a place where ideas are exchanged, capital meets purpose, risks are managed and futures are built. The City’s success has never depended solely on geography or tradition, but on relationships – on honouring contracts, enforcing rules fairly, and providing a predictable, trusted environment in which people from around the world can invest, collaborate and innovate with confidence.
Today, the role of the City in building partnerships matters more than ever.
The UK remains one of the world’s leading providers of financial and professional services, offering resilience in times of instability. Nowhere is this clearer than in London’s insurance market, which has doubled in size over the past decade. Its depth of expertise underpins global resilience by helping businesses and governments manage complex and emerging risks – from supply chain disruption and cyber-attacks to geopolitical shocks and climate-related events. This quiet, technical work doesn’t often make headlines, but it’s a bedrock for worldwide economic stability.
The transition to a low carbon economy and greater energy security, will also demand levels of cooperation – and investment – of the likes we’ve never seen before. Mobilising capital at scale, developing green finance solutions, and supporting infrastructure projects across borders will be essential if countries are to meet their goals. Expert global financial centres have a responsibility to step up – not alone, but in partnership, sharing knowledge and recognising equivalent standards to build together.
Finally, none of this works without trust.
Trust between nations. Trust between investors and markets. Trust that the rules will be applied fairly and consistently. For generations, trust has been the City’s most valuable export. It’s what allows capital to flow, innovation to flourish and long-term thinking to prevail over short-term panic.
Of course, cooperation does not mean uniformity. Our cultures, priorities and political systems won’t always align. But the defining challenges of our time are too vast and too interwoven to be met with fragmented responses.
The choice before us is clear. We can turn inward, or we can reach outward. We can act alone, or together. Because in the end, our greatest strength is not in our individual power, it’s in our shared resolve.
Dame Susan Langley is Lady Mayor of Canada