September 2016: As the hub for world leading professional and financial services, the City of London will remain successful even though Brexit creates more questions than answers, says Jeffrey Mountevans, Lord Mayor of London.
Four of the world’s top ten law firms have their headquarters in London. London is a hub for shipbroking, for the world’s largest commodities companies. Lloyd’s is the world’s leading insurance exchange, with underwriters and brokers covering more than 200 territories.
The City also hosts a number of industry bodies, such as the Institute of Chartered Accountants in England and Wales, and the Chartered Insurance Institute, helping ensure that British professionals lead the world. 82 of FTSE 100 companies have an ICAEW Chartered Accountant on the board.
The country’s recent vote and decision to leave the European Union will be a concern for a number of industries, and at present there are more questions than answers. Will the UK retain access to the single market? Will the City still be able to recruit the talented individuals it needs to drive growth for decades to come? Following the UK’s activation of Article 50, how long will the negotiations take?
But while this uncertainty is not good for business, I can say with some certainty that the City will remain a world leading place to do business because of the people that work here.
On my business missions overseas, I like to point out to potential investors that within a two-minute walk of the Lord Mayor’s residence in the Mansion House it is possible to meet with top class bankers, lawyers, shipbrokers, insurance brokers, management consultants, accountants, and communications consultants.
This just goes to show that, while banks and bankers are an integral part of the City of London, the reason that it is the world’s pre-eminent financial centre is due to its unique cluster of services; a one-stop-shop for business. It takes many services to bring an IPO to market, and the City of London has the foremost firms, and best of international talent, in every one.
This is one of the reasons for London’s success.Jeffrey Mountevans is Lord Mayor of London
Go to London Accountant for more features, news and opinion.