23 October 2020

City of London/Oliver Wyman: London Recharged: Our Vision For London In 2025

This report, produced in partnership with The City of London Corporation and Arup, sets out detailed recommendations to aid the capital’s recovery from COVID-19 and enhance its long-term competitiveness by focusing on innovation, collaboration, inclusivity and sustainability.

The findings show that business remains committed to central London and recognises the value of working alongside customers, clients and competitors. Nonetheless, investment in skills, digital infrastructure and built environment will be needed to ensure London remains the global centre of choice.

The report’s recommendations include:

• Create spaces to innovate, akin to start-up incubators focused on a specific theme (for example Station F in France and Level 39 in London)
• Pilot transformation of London’s office stock to support new uses, including the development of ‘hyper flexible spaces’
• Explore ways to innovate London’s transport network considering new consumer/ commuter behaviours and the network’s financial difficulties
• Conduct a regulatory review of listing structures to ensure the UK’s competitiveness relative to other listing locations
• Make the case for visa structures and immigration procedures that can make it simpler for skilled workers to come to the country
• Equip businesses to benefit from digital transformation by establishing a digital adoption fund and make it easier to access growth finance for business
• In partnership with leading diversity organisations, endorse a suite of diversity targets for financial services, professional services and tech organisations to adopt and use as a roadmap

Our work calls for London representatives to work more closely with leaders of other UK cities to support the Government’s levelling-up agenda. This would help to promote the capital as a global gateway for trade and investment into firms based in other parts of the UK.

Oliver Wyman

© Oliver Wyman