Expert economist Gerard Lyons on why London will remain Europe's leading powerhouse
This week Boris Johnson released a major new report written by Gerard Lyons, expert economist and Chief Economic Adviser to the Mayor, looking at the London economy from a global perspective. It examines London’s success in a range of sectors, from attracting new investment to technology and tourism, and identifies opportunities and challenges of the future.
Gerard remains optimistic about the future of London, regardless of whether that future lies inside or outside of the EU. In addition to its traditional strength in finance and law, London has seen recent growth of new clusters of activity in areas such as technology, the arts, creativity and culture. London is also the world leader in employment in high value-added sectors (1.5 million), compared to New York (1.2 million) and Los Angeles (784,000) – no other European city makes it into the top five. Added to this, the proportion of workers with tertiary level education qualifications in London is 53.7%, followed by Madrid (47.2%) then Luxembourg (45.9%). In New York, often viewed as our major competitor, it is 35.7%. Combined, Gerard argues, these factors will help to maintain London’s status as Europe’s powerhouse regardless of its status within the EU.
While there are many reasons to remain optimistic, the report also warns that major challenges lie ahead still: the high cost of living, housing, and need for investment in transport to name a few. However, Gerard argues, these challenges will remain whether we choose to leave or remain in the EU.
CLICK HERE to read the full report.
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