• Independent review finds City Corporation development plan balances growth and protection of Tower of London.
• Decision provides greater certainty for investment, jobs and future development in the Square Mile.
• City Corporation thanks Housing Minister for speedy resolution as Plan remains on track for adoption by the end of the year.

The City of London Corporation has welcomed a major decision for City Plan 2040 after the independent Planning Inspectorate concluded that its approach to managing tall buildings around the Tower of London World Heritage Site, strikes a better balance between heritage protection and economic growth, than the alternative proposed by Historic England.

Housing Minister Matthew Pennycook has accepted the inspectors' conclusions and withdrawn his direction with immediate effect, finding that City Plan 2040 “clearly demonstrates a thorough and considered assessment of the balance involved in facilitating essential economic growth, while mitigating the risk of potential harm to precious heritage assets”.

The decision clears the way for the inspectors to release their final report, expected in the coming weeks, after which the City Corporation will progress the towards adoption through its internal committees, before the end of the year.

Earlier this year, the Government issued a ministerial direction requiring further consideration of a specific aspect of City Plan 2040 relating to tall buildings and the setting of the Tower of London World Heritage Site. As a result, adoption of the Plan could not proceed until the issue had been independently re-examined.

Inspectors found that the City Corporation's evidence-based approach provides the more appropriate way to safeguard one of the nation's most significant heritage assets while ensuring the Square Mile can continue to support jobs, investment and economic growth.

The outcome represents a significant endorsement of the City Corporation's long-standing position that growth and heritage protection go hand in hand, providing greater certainty for businesses, investors and developers planning for the future of the UK's leading financial and professional services centre and global business district.

Policy Chairman of the City of London Corporation Chris Hayward, said:

"This is an outstanding result for the City, for London and for the wider UK economy. The independent Planning Inspectorate has recognised that it is possible to protect one of our nation's most important heritage assets while still supporting the growth our country needs.

"We are grateful to the Housing Minister for his swift consideration of this matter and for acting decisively. This decision brings us another important step closer to adopting City Plan 2040, which will provide the certainty needed to support future investment, jobs and ensure the Square Mile remains one of the world's leading business destinations."

Chairman of the Planning and Transportation Committee, Tom Sleigh said:

“This was never a choice between the Tower of London and jobs. The City was here first. William the Conqueror started his tower in 1078 in the corner of a city already a thousand years old, and the two have grown side by side ever since.

"Independent inspectors have now tested the plan and agreed: the Tower is protected and the City has room to grow. Credit to our planning, design and heritage officers, whose work this was. Now we adopt the plan and get on with building."