1. Innovative 2. Reach of 3. Regulatory 4. Access to 5. Resilient business Our global offer to business: ecosystem 昀椀nancial activity environment talent and skills infrastructure London and the UK’s competitive 2 strengths supporting economic growth Contents Foreword Michael Mainelli Chris Hayward Executive summary 3 The Rt Hon the Lord Mayor of Policy Chairman of the the City of London City of London Corporation 1 Innovative ecosystem 5 1.1 Sustainability 6 1.2 Tech and innovation 8 How our 昀椀nancial services industry Improvements across our regulatory in the UK’s tech sector, the fastest- performs and competes against and legal regime and harnessing growing jobs market in the City 10 global peers has never been more of top global talent also helped to of London. 2 Reach of 昀椀nancial activity important. Amidst a range of o昀昀set any negative trends. The UK These are all steps in the right macroeconomic and geopolitical is seen as one of the most business- direction, yet challenges remain. 14 challenges, this latest report shows friendly markets in the world, 3 Regulatory environment Reduced 昀椀nancial activity is a direct 3.1 Regulatory stability and innovation 15 how the UK’s 昀椀nancial services are opening its doors to international headwind to growth. We also face key to driving growth and promoting 昀椀rms and highly skilled workers. The 3.2 Tax 16 a digital skills gap and cost-of-living the breadth of specialist expertise introduction of the Financial Services crisis. This year the City of London 3.3 Market access 17 available in the City of London. and Markets Act 2023 unblocked Corporation launched Vision for regulatory bottlenecks, allowing Now in its fourth year, our global Economic Growth (V4EG) – a roadmap 18 regulated 昀椀nancial activity to 昀氀ow. o昀昀er to business: London and to prosperity, which highlighted the 4 Access to talent and skills UK regulators are now tasked with the UK’s competitive strengths, importance of developing a long- 4.1 Skills, hiring and training 19 ensuring the UK 昀椀nancial services provides a robust assessment of term strategy to drive growth across 4.2 International talent 21 industry retains its competitive edge, the international 昀椀nancial services UK 昀椀nancial services for years to 4.3 Quality of life 22 a goal we strongly support. industry. London continues to come. This requires government, top the ranking of global 昀椀nancial Challenges arising from COVID-19 regulators, and the industry to work 23 centres, with strong and consistent and Brexit have been addressed. together to support a competitive 5 Resilient business infrastructure 5.1 Global business connectivity 24 performance across the 昀椀ve New immigration legislation is 昀椀nancial services industry. The key dimensions. ensuring top global talent can come City Corporation is proud to use its 5.2 O昀케ces and working trends 25 to the UK via the highly skilled unique position in bringing together Against a global backdrop of in昀氀ation 5.3 Digital and cyber 26 and entrepreneur visa streams, government and industry to facilitate and soaring interest rates in 2022, all and thousands of the world’s this goal and support economic the 昀椀nancial centres in this study saw brightest people have taken up the growth across the UK. a decline in capital markets activity. Methodology 27 opportunity. Global investors are But London retained its position con昀椀dent in the UK’s strengths; as a top centre for international they have invested more than £2bn banking, bond issuance and trading, in opening UK o昀케ces and created foreign exchange, and insurance. 15,000 jobs. Many of those jobs are