National ties set to strengthen as City backs plans to double its Regional Strategy
The Square Mile is set to strengthen business ties with three of the UK’s most prominent financial hubs after the City of London Corporation today backed plans to double its Regional Strategy.
At today’s Policy and Resources Committee meeting, chaired by Catherine McGuinness, Members overwhelmingly backed the motion to build links with three major cities: Birmingham, Leeds and Cardiff. This is in addition to the organisation’s existing partnerships with Belfast, Edinburgh and Manchester.
The strategy was originally piloted throughout last year and designed to bridge the gap between the UK’s leading financial and related professional hub, London, and other major financial regions. Its success has paved the way to roll the initiative out across the three cities, with an additional funding commitment to employ a representative to oversee the programme.
The Regional Strategy involves the City of London Corporation engaging with cities in a number of ways, including:
- Inward investment: For firms looking to increase their domestic presence, the City Corporation can help facilitate the process of expanding their operations across the UK;
- Trade links: As part of their extensive programme of international travel, both the Lord Mayor of the City of London and the Policy Chairman will invite representatives from the regions to join them in meeting senior representatives on the visits;
- International outlook: Building awareness of the opportunities and expertise London provides to UK-based firms to export their products and services globally.
Policy Chairman of the City of London Corporation, Catherine McGuinness said:
“Brexit made clear that there is still a high degree of disparity between London and other major cities in the UK.
“The purpose of this strategy is to help close this gap by creating deeper relationships and ultimately more tangible results between London and the country’s major financial and related professional hubs.
“We want collaboration – not competition – to cement the UK’s position as the world’s leading global financial hub. We look forward to working with these cities, both existing and new, to make a real difference and ultimately bolster our local and national economies.”
Today’s announcement also means that the UK will increase its collaboration with Scotland as Members rubberstamped the proposals for the City Corporation to become a member of the Scottish Enterprise Forum (SFE).
The Lord Mayor of the City of London Charles Bowman, Ambassador for the Square Mile, will be visiting the North of England at the end of July this year.
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
Millie Allen, Financial Services Media Officer, City of London Corporation
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