London 2062: The Future of the London Economy Mark KleinmanAssistant Director for Economic and Business Policy

Mayor’s Economic Development Strategy: Key Themes London: World Capital of Business

Improving London’s Competitiveness Transforming to a low-carbon economy Extending economic opportunity Investing in London’s future

EDS is a long-term high-level strategy

Guiding Economic Principles

Release of creativity, support entrepreneurialism Facilitate activity, not top-down planning Maximum impact from use of public resources Collaborative approach, joint working

London’s economy – fundamental strengths Vast, global city economy Job growth of 800,000 between 1996 and 2008; possibly another 750,000 by 2031 – 5.45 million in total. International centre of trade and innovation Resilient, diverse economy Strong globally competitive position

London’s economy – potential threats

Threats to competitiveness Worklessness and skills Responding to climate change Quality of Life

London’s economy in 2062?

The honest answer: we don’t know… Major drivers since 1962:

Globalisation and internationalisation Shift to knowledge economy: financial and

business services; cultural and media; digital and tech;

Hyper-diverse population How many of these were anticipated?

Continuities: knowledge economy

Continuities – global hub

Continuities – importance of infrastructure

London’s economy to 2062 (personal view)

From Knowledge City to ‘Smart City’; infrastructure, skills, innovation Continuing global hub – but change in centre of gravity of global economy Avoiding polarisation – both within the city and in relation to other UK cities

Thank you