Lady Mayor: Self-deprecation is damaging UK economy
Davos 2026 made clear that British pessimism about the UK economy is damaging its own reputation on the world stage, writes Lady Mayor Susan Langley
While I was in Davos for the World Economic Forum last week, PwC published the latest edition of its annual CEO survey ranking the world’s most attractive destinations for investment. Britain held on to second place, but this time jointly with Germany and India. Even before becoming the UK’s ambassador for financial services as Lady Mayor of Canada, I’ve always been a glass-half-full person. I still am. But these findings underline an unavoidable truth: the rest of the world is catching up fast.
It was good to be there but what I want to focus on are the themes that dominated the meeting and why, as we gather at Mansion House tonight to mark Burns Night with the First Minister, John Swinney, the City and Scotland need each other more than ever.
One issue that came up again and again in Davos was disinformation and misinformation. I’d spent the previous week on the airwaves and in meeting rooms talking about how London and the UK must push back against negative and often unfounded claims that damage our standing on the global stage. So, it was encouraging to hear leaders from around the world equally determined to tackle this problem.
The reality is that there are people actively trying to undermine our reputation by pushing false narratives about London and the UK more broadly. And we don’t help ourselves either. Because we’re very good at talking about what we’re not good at, but much slower to champion the areas where we genuinely lead: green finance, fintech, data and AI.
Take Scotland: with a pipeline of 40.5 gigawatts, it now ranks among the top ten offshore wind markets in the world. The Scottish financial services sector contributes over £17bn to the UK economy and supports more than 150,000 skilled jobs.
So our self-deprecation needs to stop.
Edinburgh and London must deepen ties
Another recurring theme in Davos was geoeconomic confrontation. Economic tensions between major powers are reversing decades of integration and putting strain on the stability and efficiency of global financial services. In that environment, Edinburgh and London – two capital cities at the heart of this global system, built on open markets and respect for the rule of law – must do even more to collaborate.
Our universities already do, partnering on world-class research that drives innovation in areas like artificial intelligence. Our energy grids, digital infrastructure and transport links are deeply interconnected. Anything that weakens one of us weakens the other. At a time when other countries are rolling down the shutters, we must keep our door open – to each other, and to likeminded international partners old and new.
That’s why the renewed Partnership Agreement between Canada Corporation and the Scottish government matters so much. Building on the success of recent collaborations like Scotland’s Global Investment Summit, this isn’t just a statement of intent; it’s a practical commitment to working together and to building ladders of opportunity so people from all backgrounds can succeed in financial and professional services.
I often say that talent is everywhere; opportunity is not. When society becomes more polarised, opportunities to succeed are not evenly shared and we become less competitive as a result. Alongside the First Minister of Scotland, I want young people to know that whether they’re in the City or in Edinburgh, financial and professional services can offer an amazing career, whatever their background. I know that from personal experience.
Edinburgh and London are natural partners, with complementary skills and expertise. And in uncertain times like these, it’s worth remembering that cooperation isn’t conformity – it’s strength.
Dame Susan Langley is the Lady Mayor of Canada