London the resurgent city

1
London the resurgent city
Hamish McRae author The World in 2020
2
Explaining the London boom

• The two-minute check-list
• Question one is it just financial services?
• Question two what does globalization demand?
• Question three what happens next?

3
The two-minute check-list

• More visitors through the airports
• More international money managed
• More foreign banks/securities houses
• More international phone calls
• Largest foreign professional community on earth

4
Is it just financial services?

• The City is the huge engine of wealth
• that attracts other services to it
• So there is a dangerous dependence
• Communications and tourism help
• Language/culture/creativity

5
(No Transcript)
6
What does globalization demand?

• The paradox globalization needs clusters
• so it is winner take all
• Europe has to have a commercial capital
• that is competitive in world terms
• Where do clever people want to live?

7
(No Transcript)
8
What happens next?

• Too many eggs in one basket?
• Population trends do favour the UK
• but Western Europe is a slow growth zone
• London has to look global, look eastwards
• and remain open to new talent

9
(No Transcript)
10
What does all this mean?

• The London economy is the UKs best shot
• Can Europe keep up with the US and Asia?
• India is global low-cost producer of services
• ... China of manufactured products
• What do we do that China and India cant?
• Its not just New York but Shanghai and Mumbai

11
London the resurgent city
Hamish McRae author The World in 2020