Boris Johnson must throw his support behind London to ensure an economic recovery
Many people are overjoyed to return to central London and the streets are slowly coming back to life as colleagues, friends and families meet in outdoor cafes, restaurants and bars.
Talk to any cabbie or shopkeeper and they’ll tell you that business and footfall is a long way from pre-pandemic levels. Hopes are pinned on the next Covid restriction milestone passing making a big difference.
Without a coordinated push, that might not be the case. This is the moment for a loud rallying cry to London businesses and Government to accelerate the capital’s return to growth, not least to support the whole UK economy.
Pre-pandemic, London generated a £39bn tax surplus for the UK. Re-establishing this position quickly will be vital for the whole country’s recovery. London needs a comprehensive economic plan to harness the opportunity to create a better capital for all.
The first thing Sadiq Khan announced on taking up the post of Mayor once again was a new campaign to bring people back, under the banner of “Let’s do London”. We support this wholeheartedly, and would now like to see the government step in to fund it at a level comparable to our international competitors.
The Mayor has done well to seed fund the campaign so far but the spend is dwarfed by Singapore and Hong Kong. London has been hit much harder, as our recent report drawing on analysis from Bain & Company clearly showed, so has a much bigger bounce back challenge.
Decisions are needed now on investments that will speed up the recovery, making it more rapid and more robust. That’s why we’ve called on the Prime Minister to appoint a senior Recovery Minister that can mirror the successful approach to leadership and coordination taken with the vaccine rollout. There will be much for the Minister to do, not least to support the country’s cities, London included, to get back on their feet.
Our transport system, which at its best is world-leading, needs a seamless, safe, and smooth transition back to normal schedules. Commuters and Londoners may feel apprehensive about returning to offices. Let’s deal with that fear. Let’s make it crystal clear that public transport is clean, safe, ready for use and running to normal timetables. We must make sure that the first journey people make is a good one, and that this experience is consistent and repeated.
Business leaders also have a part to play. To encourage and engage with their staff as they finalise their plans for office reopening. To ensure measures are in place to support in person and remote working. To think bigger picture, harnessing the enthusiasm for a new hybrid approach to doing business. When opportunity comes calling, embrace it, empower it, lead on it. Let’s make our workplaces attractive destinations, so employees have the best possible experience when they return.
There is so much more than the office waiting for them. The arts, the bars, the sights, events and attractions are all ready to welcome commuters and then tourists back. A new opportunity is on the horizon, a capital ready to be reborn is waiting. Nothing in modern history compares to the past 18 months that has plagued our city. But London is resilient, it inspires, it leads, it is diverse and it will rise again. The more we get behind it, the more likely that will be sooner rather than later.