Global Powerhouse Report

Meeting: 
MQT on 2016-03-16
Session date: 
March 16, 2016
Reference: 
2016/0955
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

While your economic advisor's most recent report highlights the important role of the finance sector, what efforts are you making to ensure that Londoners are protected from the risks of such an unbalanced economic base?

Answer

Answer for Global Powerhouse Report

Answer for Global Powerhouse Report

Answered By: 
The Mayor

The London: the global powerhouse report identifies London's strengths and the change to its economy over the last decades as a result of globalisation. London has responded well, developing comparative advantages in a number of sectors, including finance and insurance, professional, scientific and technical services and information and communication. Along with globalisation, the report highlights the growth in urbanisation. Again, London's agglomeration economy means it is well-placed to compete with other global cities and continue attract investment and jobs for Londoners. However, investing in the skills of Londoners and the capital's infrastructure must remain key priorities to ensure future economic growth.