City Corporation to focus on London’s fundamental strength

The City of London Corporation’s Policy Chair Catherine McGuinness has today called for a renewed focus on “the fundamental strength of London, which has been overshadowed recently by Brexit turmoil and uncertainty.”

In a statement outlining priorities for the year ahead to the Court of Common Council, the City Corporation’s main decision-making body, the Policy Chair acknowledged concerns about the continuing impact of Brexit on the financial and professional services sectors.

She stated, however, that this should not detract from the long-term fundamentals that have underpinned the success of both the City and London.

In her statement to elected Members at Guildhall this afternoon, Policy Chair Catherine McGuinness said:

“Yes, we know we will lose some business as we leave the European Union but we also know that London and specifically this City has been at the centre of global trade for centuries.

“That it’s the City which laid the foundations of modern banking, which devised the first modern international capital markets and which remains at the leading edge of innovation, from fintech and blockchain to green finance.

“The City that offers the world a unique combination of time zone, language, legal system, global talent, and financial services ecosystem which makes us truly a gateway to global capital and advice.

“People come here not just for business but also for our cultural offer, our heritage, our open spaces, and our shopping experience – all aspects which the City Corporation plays some role in providing or supporting.

“The Lord Mayor has been promoting the City’s strengths in tech innovation in his travels.

“We need collectively to join him in underlining London’s fundamental strengths to ensure success for the future. This is not the time to hide our light under a bushel.

“This is something which we are already working on with bodies such as London & Partners and which we are supporting with our own programme of major projects to enhance this Square Mile.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk