· Lady Mayor’s Banquet brings together Government and industry leaders
· Lady Mayor to warn that ‘harm’ to the City’s competitiveness will damage UK growth
· We can ‘unsquare’ the Square Mile to drive investment and attract top talent, Lady Mayor will say
The Lady Mayor of the , Dame Susan Langley, will host Prime Minister Sir Keir Starmer today [1 December] for a banquet and urge UK leaders to protect and strengthen the financial and professional services sector – a key driver for UK growth and opportunity.
In the wake of the Budget, the inaugural ‘Lady Mayor’s Banquet’ will set out Dame Susan’s objectives for strengthening the City and driving growth, continuing the tradition of bringing together Government, diplomatic, and industry leaders to reflect on the UK’s economic direction.
In her address, the Lady Mayor will underline the City’s enduring strength as a financial hub and call on the Government to be more ambitious in unlocking the sector’s potential. Citing its 12% contribution to public finances and the mix of start-ups, major banks and insurers, and 21,000 SMEs that form a “living ecosystem,” she will emphasise the Square Mile is not “square” but innovative, open and eager for talent and opportunity – with a central role to play in driving growth across the UK.
Lady Mayor of the , Dame Susan Langley, will say (check against delivery):
“Together, the City Corporation, Government and industry have built significant momentum.
“The Mansion House Accord, the Office for Investment: Financial Services, and the new Sterling 20 partnership are all hugely positive initiatives that will help channel new capital into investment opportunities in scale ups, property, and infrastructure.
“The mechanics are in place, but execution is everything. So, my focus in the year ahead will be turning ambitions into action and connecting capital with opportunity.
“I believe the path to growth runs through the very veins of our great City. The City, or the Square Mile, is not a ‘thing’ – it’s a living ecosystem of real people and ideas. We employ almost 680,000 people, 25% more than before the pandemic. The FPS industry contributes over 12% of the total UK tax receipts, which is more than half of the health budget.
“What that clearly tells us is that anything that harms the City, harms the UK. With the new competitiveness and growth objective we’ve begun to regulate for growth, not just against risk: but we need to go further and be bolder.
“If we flex we’ll survive, but if we truly transform, we’ll thrive.
“Some of our global competitors have responsive, simple models, and with the rise of AI, let’s reimagine, not amend, a more agile, safe, cutting-edge regulatory environment that leads the way to attract new investment into the UK.
“If this were easy, it would have been done before. But it’s vital because our tomorrow depends on what we do today. Business may be based on history, but it’s a bet on the future: so it’s time to be bold.
“Finally, a big part of unsquaring the Square Mile is showing people that they don’t have to fit into a certain box to thrive in the City, to have gone to the ‘right’ school, or to dress or speak in a certain way. I’m living proof.
“In fact, we need people from all sorts of backgrounds, because it makes our City more innovative, more vibrant, and more resilient: it helps us grow. So, over the course of the year, we will be focusing on opportunity and telling the next generation: the City is for you.”
Notes to editors
ABOUT THE CITY OF LONDON CORPORATION:
The 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.
https://www.thecityofldn.com/visitor-safety-and-security/
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