London,
11
October
2016
|
14:02
Europe/Amsterdam

Lord Mayor of London visits the most successful economy outside of London

Lord Mayor of the City of London, Lord Mountevans, is visiting Bristol today to meet with senior business leaders today to hear about why Bristol has the most dynamic, innovative and best performing economy outside of London and the South East.

The city has undergone a truly remarkable transformation over the last 25 years, developing from its roots as one of the world’s biggest maritime trading cities to becoming the best performing and most liveable city in the country. Alongside strong high tech, creative and advanced engineering industries it is one of the fastest growing locations for financial and professional services in the UK.

As the closest capital city to London and with office rental levels up to seventy percent less than the average rates in London, Bristol and its city region has become a growing hub for many knowledge intensive sectors including the financial and professional services sector and continues to attract investment. The city is particularly strong in the banking sector, hosting the third highest number of bankers in the UK.

Bristol’s financial and professional services sector is responsible for an economic output in excess of £4 billion annually, and employs more than 52,000 people in the city. While accounting for about 13 per cent of the city’s total employment, professional and financial services contribute 27 per cent of GVA to the local economy.

With two great business focused universities attracting and retaining so much talent it is also a fast developing location for green finance, cyber security and innovation in technology and financial services.

Speaking on his visit, the Lord Mayor, Lord Mountevans said:

“Growing Bristol’s professional and financial sector will be vital in facilitating strong economic growth for the region and across the UK. It is important for us at the City of London to continue to work very closely with the regions to drive future growth and job creation.

“Bristol is the UK’s third largest centre for professional services, and hosts more than fifty thousand workers in the financial, insurance, and professional services sectors. I am keen to explore how the City of London can help in creating even more top quality jobs like these across the country.

“We are engaging with the Government and EU policy makers to ensure that the interests and competitiveness needs of the UK-based financial and professional services industry are heard and recognised.

“I look forward to hearing about how Bristol has become such a successful hub for professional services, and a truly powerhouse city region economy for the UK and telling the city’s story abroad when I’m meeting with international investors.”

Hosted by Business West – Bristol Chamber of Commerce & Initiative The Lord Mayor will lead a discussion with business leaders and academics working in the financial and professional services industry at the Triodos headquarters on Tuesday morning, followed by a working lunch with a wide range of key business leaders to discuss how to advance growth for Bristol, working with London, not in competition. The business leaders will discuss how the economy can continue to thrive and growth both on a UK and global scale after a period of uncertainty following the EU Referendum.

James Durie, Chief Executive of Bristol Chamber & Initiative at Business West who is hosting the visit says ’We are delighted to host this visit of the Lord Mayor of London so he can see and hear why Bristol is leading the way in so many fields, and now firmly established as one of the most attractive places to live, work and run a business. With city region devolution and electrification of the Great Western Rail moving to completion, set against continued post Brexit uncertainty we are keen to explore how Bristol can work closer with London and its Lord Mayor to open up new markets and opportunities to grow our local and national economy’ .

Following the business lunch meeting the Lord Mayor will have a boat tour of the Tower Belle of the Floating Harbour, followed by a visit to Ultrahaptics, a three year old fast growing high tech business set up in the Bristol enterprise zone. To wrap up his day in Bristol the Lord Mayor will meet with leaders from local business and organisations with a focus on export, shipping and commerce in the Temple Quay Enterprise Zone.

For more information please contact:

Ian Schofield, Media Officer, City of London Corporation

0207 332 1906 / 077 2563 4564 / ian.schofield@cityoflondon.gov.uk

Notes to editors:

About the City of London Corporation and Lord Mayor:

1.About the Lord Mayor of the City of London

  • The Lord Mayor is head of the Square Mile’s City of London authority for one year and the position is unpaid and apolitical. It is an exceptionally demanding role. The Lord Mayor spends some 90 days abroad and addresses some 10,000 people face-to-face each month (making around 800 speeches a year).
  • The Lord Mayor represents City businesses and helps the City Corporation advise the Government of the day on what is needed to help the financial services sector to function well. The Lord Mayor frequently travels to represent the City; and travels overseas with the status of a Cabinet Minister.
  • On average, the Lord Mayor will meet one head of state a month and will meet a prime minister or finance minister each week to discuss financial services, often in conjunction with senior City business representatives. The Lord Mayor lives in the Mansion House for the Mayoral year.
  • More information on the Lord Mayor can be found here.

2.The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles:

  • We support London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills projects. In addition, the City of London Corporation’s charity City Bridge Trust makes grants of around £20 million annually to charitable projects across London and we also support education with three independent schools, three City Academies, a primary school and the world-renowned Guildhall School of Music and Drama.
  • We also help look after key London’s heritage and green spaces including Tower Bridge, Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important ‘commons’ in south London.
  • We also support and promote the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events and research-driven policies all reflecting a long-term approach.
  • See www.cityoflondon.gov.uk for more details.