London’s status as a world city is unchallenged. In the ascendant for more than a decade, it is the powerhouse of the UK economy, with a financial services industry that retained its global status even in the wake of the financial crisis. The world’s wealthy and upwardly mobile have beaten a path to the city, attracted by its high quality of life, job opportunities, culture and an ineffable sense of buzz. London is the place to be.
But this golden period, crowned by last year’s Olympic Games, cannot be taken for granted. The City of London’s supremacy in Europe is under pressure from Brussels, while overseas competitors are sharpening their offerings to take advantage of Asia’s booming economies. London’s commercial and political leaders are becoming more vocal in defence of its status.
Boris Johnson, mayor of London, says: “Even in Paris, even in Berlin, they understand that what Europe needs is a global financial centre that can go toe to toe with New York, raise capital and compete with the best of the world. They have that centre in the EU here in London.”