Following the recent General Election, the Policy Chairman of the City of London Corporation, Chris Hayward, has emphasized the crucial role of the financial and professional services industry in the advancement of the UK economy. It is imperative that this sector takes precedence in Labour’s economic plans, given its considerable impact on the nation. With a workforce of over 2.4 million individuals, with two-thirds of them stationed outside London, this sector currently generates in excess of £110 billion in taxes annually, surpassing the Government’s yearly education budget.
Mr. Hayward has expressed the City Corporation’s eagerness to collaborate with the newly elected government under the leadership of Sir Keir Starmer. The focus will be on addressing pivotal issues such as enhancing economic growth, creating high-skilled employment opportunities, sustaining public services, and tackling the issue of climate change. The City Corporation’s Vision for Economic Growth strategy holds the potential to release up to £225 billion in investment across the UK, proposing reforms to drive this progress.
Additionally, Mr. Hayward has underscored the importance of private sector finance in fulfilling Labour’s ambition to position Britain as a clean energy superpower. He highlighted the necessity for public and private partnerships to work in harmony in achieving the transition to net zero and creating new high-skilled jobs while reducing energy costs for households.
The City Corporation’s diverse portfolio of work is aligned with Labour’s five missions, covering areas such as elevating investment levels, providing high-quality services, enhancing social mobility for young people, and managing key assets for the benefit of the nation. Collaborative efforts between the City Corporation and the Government are paramount in delivering high-skilled jobs, opportunities, and economic growth across the nation.
The City of London Corporation, functioning as the governing body of the Square Mile, is committed to promoting a thriving and vibrant City while fostering a diverse and sustainable London within a globally successful UK. As the local authority for the City of London, the organization is dedicated to championing the UK financial and professional services industry, both domestically and globally.
Through initiatives such as the Destination City programme, the City Corporation aims to position the Square Mile as a leading leisure destination worldwide. In addition, the organization invests significantly in cultural and heritage activities, managing and supporting institutions such as the Barbican Centre, Tower Bridge, Guildhall School of Music & Drama, and Guildhall Art Gallery.
Education, skills, and lifelong learning remain key areas of focus for the City Corporation through its Family of Schools, careers festivals, and skills programs. The organization also plays a vital role in delivering public services, including the conservation of green spaces, provision of social housing, management of wholesale markets, and serving as the London Port Health Authority and the Animal Health Authority for Greater London.
Overseeing the safety of the Square Mile, the City Corporation leads the efforts of the City of London Police, additionally supporting the National Lead Force for Fraud and the National Police Chiefs’ Council. Furthermore, as the sole trustee of the City Bridge Foundation, the organization maintains iconic London bridges and awards charity grants to address disadvantages across the capital.
In conclusion, the City of London Corporation is poised to collaborate with Labour’s government in propelling economic growth, fostering high-skilled jobs, and addressing pivotal societal and environmental issues. Given its rich history and unwavering commitment to sustainability, the City Corporation stands ready to play a pivotal role in advancing Labour’s economic agenda for the benefit of the UK.