The Square Mile is set to strengthen business ties with Birmingham, Leeds and Cardiff as part of a plan to help regional cities to attract new occupiers and build international trade links.
The City of London Corporation’s policy and resourced committee has backed a motion to build links with the three major cities, building on its existing partnerships with Belfast, Edinburgh and Manchester.
Originally piloted last year, the strategy was designed to bridge the gap between the UK’s leading financial and related professional hub, London, and other major financial regions.
The regional strategy involves the City of London Corporation engaging with cities in a number of ways, including:
■ Inward investment: for firms looking to increase their domestic presence, the corporation can help facilitate the process of expanding their operations across the UK;
■ Trade links: As part of their extensive programme of international travel, both the Lord Mayor of the City of London and the policy chairman will invite representatives from the regions to join them in meeting senior representatives on the visits; and
■ International outlook: building awareness of the opportunities and expertise London provides to UK-based firms to export their products and services globally.
Policy chairman of the City of London Corporation, Catherine McGuinness, said: “Brexit made clear that there is still a high degree of disparity between London and other major cities in the UK.
“The purpose of this strategy is to help close this gap by creating deeper relationships and ultimately more tangible results between London and the country’s major financial and related professional hubs.
“We want collaboration – not competition – to cement the UK’s position as the world’s leading global financial hub. We look forward to working with these cities, both existing and new, to make a real difference and ultimately bolster our local and national economies.”
Today’s announcement also means that the UK will increase its collaboration with Scotland as members rubberstamped the proposals for the corporation to become a member of the Scottish Enterprise Forum.
The Lord Mayor of the City of London Charles Bowman, ambassador for the Square Mile, will be visiting the North of England at the end of July this year.
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