How business and government can ensure London remains the home of business.
24 September 2019
According to the 2019 London Business Survey (LBS) 42% of firms believe London is ‘very attractive’ to UK business leaders, but only 29% believe London remains ‘very attractive’ to global business leaders – highlighting the fragility of the current political and business environment.
In partnership with Russell Reynolds Associates, Wilson Wright and the London School of Economics and Political Science (LSE), the report aims to help both businesses and policymakers understand sentiment in the capital, the policy priorities that both the local and national government must address and the types of opportunities available in the city to ensure businesses continue to grow and thrive.
The 2019 LBS findings include:
- 74% of London firms say attracting and retaining talent and skills and increasing workplace diversity and inclusion are their top policy priorities, followed by 54% who prioritise the delivery of major capital infrastructure projects, including access to affordable housing and transport
- 87% of businesses see technology as a tool for achieving greater efficiency but 78% don’t always have sufficient in-house skills to assess and/or adopt new technologies
- 33% think a university’s expertise in a specific field, subject or area of research is – or would be – their primary driver to work with a university but the perceived complex administrative processes involved is the biggest barrier to collaboration (28%).
Recommendations include:
- Avoid no-deal in London and secure a trade deal with the EU covering goods and services; protecting and developing London’s status as the business gateway to the UK
- Work with organisations, such as London and Partners, to promote business success stories and showcase London’s competitive advantages
- Reconsider the £30,000 immigration salary threshold to ensure London has access to skills and talent of all levels
- Support infrastructure projects to grow London’s connectivity, including the delivery of Crossrail 2, tube line upgrades and extensions and airport expansion and modernisation
- Ensure London’s executives can build genuine partnerships with government and help solve and develop policies alongside policymakers
- Enable young people to apply their skills to real-life situations through the curriculum and include development of digital skills in London’s Industrial Strategy
- Create a digital platform for university and business collaborations, advertising success stories and opportunities
- Commit to associate membership of Horizon Europe.
