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London is reclaiming its reputation as a magnet for global investment – and when London thrives, we all do, says Sadiq Khan
Today, Britain reclaims its reputation as a magnet for global investment. All told, the government’s International Investment Summit in London has already secured £24bn. This is good news for our economy, for our workers and for society, and further proof that the page is finally being turned on years of economic uncertainty, political instability and everything that flowed as a result.
This new investment brings with it new technology, new ways of thinking and, crucially, new jobs across London and our country meaning higher living standards for Britons. It is a basic formula, but it works – and as Mayor I want to make the most of it. My message to business leaders and investors across the world is that if you are a stranger and thinking about making a home in our capital, I promise that you won’t feel like a stranger for long. Our business community is open, inclusive and there is a range of bespoke support to help you get settled.
And if you are already part of the London family, then now is the time to grow – just as three tech businesses I met on my recent New York trip confirmed today. In another vote of confidence for London’s economy, Indian IT giant, Mphasis, is planning to double its headcount over the next three years. Constant Contact, a digital marketing and automation platform that has helped millions of small businesses and nonprofits globally, will announce its official launch into the UK in the coming weeks. And US fintech firm, MoonPay, is working with our growth agency, London & Partners, as it looks to expand. New figures reveal international investment across our capital has created nearly 10,000 jobs for Londoners in the last five years. Even in a period of global economic downturn and uncertainty, 2024 has to date seen more than £100m in investment deals agreed in our capital city.
2024 has to date seen more than £100m in investment deals agreed in our capital city
What London does works, but we can always work better. It’s why – in collaboration with business and others – City Hall is currently drafting a London Growth Plan, which will help to create 150,000 high-skilled, well-paid jobs by 2028 and support the green transition.
The development of the London Growth Plan demonstrates that London’s success is not down to chance but because our offer to business is unrivalled and always improving. We are Europe’s largest financial centre. A home to internationally renowned universities and the tech capital of the world. And our workforce is highly skilled, highly motivated, drawn from everywhere and renowned as the best of anywhere.
A new approach
This explains why last year alone, nearly £40bn net flowed from the capital into the Treasury’s coffers. And why London was the only region that contributed more to the public purse after the pandemic than before. We know that when London succeeds the rest of the country succeeds and vice-versa, yet previous administrations chose to talk down our capital for short-term self-interest. Thankfully, those days are no more because with the election of a new government in Westminster, came the promise of a new approach.
After only three months, the relationship between Whitehall and City Hall has been fundamentally reset. 350 homes will be built in Cockfosters, Oxford Street will be restored to its former glory, new electric buses are coming and London has the potential to be the AI capital of the world, because we have a Mayor and a government working together in genuine partnership.
And this is just a glimpse of the future London can have. Our new government was elected on a pledge to expand the economy and to ensure the benefits are felt across our nation. Today brings us one step closer to seeing that promise met – but it is only the start. And in the coming years, more and more investment will flow across our capital and our country, business will thrive, jobs will grow and opportunity will be brought within reach for all. it is only the start. And in the coming years, more and more investment will flow across our capital and our country, business will thrive, jobs will grow and opportunity will be brought within reach for all.
Sadiq Khan is Mayor of London
