There are a lot of factors that make London an attractive place to be. There’s its nightlife and world-beating attractions like theatres, museums, galleries and opera houses. It has great food and bars along with a breadth of cultures and communities coming together. London is also a great place to do business. It is why multinationals like Google are beating a path to set up headquarters in the capital.
London’s reputation is set to improve. Citigroup and the Economist Intelligence Unit said the appeal of the City is its financial markets, its infrastructure and the fact that it appeals to companies in regions as far apart as Sydney and Moscow. London has a global appeal.
In just over a decade by 2025, the report predicts that London will have overtaken Singapore, Hong Kong, Tokyo and Pairs in terms of competitivity. It scored London 73.1 out of 100, meaning the only city it was behind was New York.
The Competitiveness Index used eight different categories and markers along with a further 31 indicators. It might sound like overkill but it means measuring as many different elements that give an idea of the personality and infrastructure of a city. That includes its economic strength, its human capital and the skills of its workforce, its financial maturity, its social culture and character along with its environment and natural hazards. Using all those factors together helps determine the overall score.
Having global appeal means people wanting to expand their firm to London and the UK; it means flying in and out of the capital to do business. It means growth.
London being an attractive place to work is good for the firms already in the capital as well as those who might look to move and set up shop here. The most competitive cities are able to attract the top talent. For the business travel and relocation sector this is clearly good news. It means more people will be travelling in and out of the capital, coming to London to work on temporary contracts or relocating for another place. For Clarendon it means serviced apartments become more popular and provide the “home from home” that business travellers are looking for.
It is another reason for London to be positive. Increased competitiveness means being one of the most attractive places to come and work. More business inevitably has a knock on effect. It means that infrastructure is developed and built on as more money is spent by the new firms and individuals that come to take advantage of London’s reputation. It turns into an upward spiral with investment adding and encouraging yet more investment, making the City become even more attractive and competitive.
London has long been a magnet for the biggest companies in the world. The fact that it is not just a popular place to do business but it set to become second only to New York is positive news for firms already servicing its burgeoning business community.