London is one of the few truly global cities and one of the most diverse places on the planet. Find out how we will continue to grow our global trade and reputation and boost growth across the UK.
Why it matters
London is one of the world’s few truly global cities: a place where international commerce, culture and communities come together and make each other stronger. London’s openness is inimitable and unmeasurably powerful. But in a world of rising populism and protectionism, it is also fragile. Our values are our ultimate competitive advantage. We must invest in them and defend them.
London drives growth across the UK. The gap between London and the other major UK cities is one of the highest in the developed world[42].
But there is more that London can do to create economic opportunity across the country as the springboard to international trade, investment and visitors. London must look out to the world – but also into the UK, as its capital.
Our ambition
Increase London’s services exports by at least 6% on average per year, maintaining the growth rate achieved from 2016 to 2021.
6%
service exports
What we will do
We will achieve our ambition to remain a global city by:
- Services exports: Grow London’s highly productive service sector exports. The plan for this is in growth sectors and places.
- Experience: Maintain the exceptional London experience which underpins our long-term competitiveness to attract global talent, investors and visitors. The plan for this is in growth sectors and places.
- Values and brand: Grow the impact of London’s international promotion, putting our values at the heart of London’s global brand. The plan for this is in investment and promotion.
- International travel connections: starting with rail. The plan for this is in housing and infrastructure.
We will achieve our ambition to be a capital in service of the UK by working in partnership on:
- Onward investment: Drive tech investment onward from London to other parts of the UK. The plan for this is in investment and promotion.
- Scaleup exports: Make London the springboard to global growth for innovative companies across the UK. The plan for this is in backing our businesses.
- Visitor gateway: Encourage more tourists to use London as a gateway to explore the UK. The plan for this is in growth sectors and places.
- Industrial strategy: Partnerships with clusters across the UK to scale up industrial innovation from London. The plan for this is in growth sectors and places.
- Strategic planning: Engage with partners in the south-east on strategic planning. The plan for this is in housing and infrastructure.
Discover the key actions
Inclusive talent strategy
Explore our plan to unlock the potential of London’s skilled workforce and drive the economy.
Backing our businesses
Discover how we will continue to support London businesses from high streets to startups.
Housing and infrastructure
Understand London’s priorities for building new homes and infrastructure to boost growth.
Investment and promotion
Find out how we will win more investment in growth and build London’s global reputation.
Local places
Learn how London will create more local places where businesses can grow and support their communities.
Sources:
42. Stansbury, A., Turner, D. and Balls, E., (2023) Tackling the UK’s regional economic inequality: Binding constraints and avenues for policy interventions [PDF 4.8 MB], March 2023.