World News | City of London Lays out Reinvention Roadmap to Bounce Back from COVID-19

London, Oct 20 (PTI) The City of London, or the financial hub of the UK capital, on Tuesday set out its vision for reinvention to bounce back stronger from the COVID-19 pandemic lockdown.

A new report published by the City of London Corporation, ‘London Recharged: Our vision for London in 2025', sets out detailed recommendations to maintain its position as a world-leading business hub and aid the City's recovery and enhance its long-term competitiveness by focusing on innovation, collaboration, inclusivity and sustainability.

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"The capital's success throughout history has been a story of constant reinvention. It is more important than ever that London adapts quickly to today's challenges so that it remains a place where people want to work, live and visit tomorrow,” said William Russell, the 692nd Lord Mayor of the City of London.

“This report sets out detailed measures that can help the capital thrive and evolve as we get through the current pandemic. A vibrant London will help to drive our recovery forwards as we work with the rest of the UK,” he said.

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The report, produced in partnership with consultants Oliver Wyman and professional services group Arup, finds that business remains committed to central London and recognises the value of working alongside customers, clients and competitors.

Nonetheless, investment in skills, digital infrastructure and built environment will be needed to ensure London remains the global centre of choice, it notes. The analysis also explores how London's office stock and built environment can be transformed in response to trends, such as increased remote and flexible working.

"London is today facing major challenges. Coronavirus, the UK's exit from the European Union and increasing protectionism across the globe are all threats to the capital's role as an international business hub,” said Catherine McGuinness, Policy Chair at the City of London Corporation.

"Some trends have been accelerated by the pandemic, while others appear to have been reversed. We must reimagine London in order to seize the moment and ensure it evolves in response to this new paradigm. Just as London enters tighter restrictions might seem an odd time to talk about the future – but it's more important than ever that we use this time to prepare, and ensure that London is in the best possible shape when the recovery restarts,” she said.

Some of the report's recommendations include creating spaces to innovate, akin to start-up incubators focused on a specific theme; pilot transformation of London's office stock to support new uses, including the development of “hyper flexible spaces”; explore ways to innovate London's transport network with possible “flexible working” season tickets; and equip businesses to benefit from digital transformation by establishing a digital adoption fund.

"Implementing these recommendations will underpin the capital's competitiveness by supporting innovation, improving sustainability and offering greater opportunities to our diverse population. Business, government, regulators and academics all have a role to play. London must build back better in order to remain fit for the future,” said McGuinness.

In a detailed case study of the legal sector, the sector-specific recommendations include prioritising investment and rollout of technology-enabled court processes and upskilling legal practitioners to embrace digitised legal services as the status quo.

"Though the negative impact of COVID-19 is undeniable, we believe that it presents an opportunity for London and the rest of the UK to proactively shape their futures,” said John Romeo, Managing Partner at Oliver Wyman.

"London must lean into the global trends shaping the city and embrace the momentum for change that the pandemic has created,” he said.

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