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Date updated: 21/03/2024

Outcome

"The City of London is the engine in the country’s economy. Driving dynamic economic growth in financial and professional services at local, national, and international levels will create jobs, attract investment, and support businesses across communities and the country."

Context and impact

£85 billion

The City drives the economy, generating over £85bn in economic output annually.

2.4 million

Financial and professional services employ over 2.4m people across the country with two-thirds outside of London.

614,500 workers 

There are 614,500 workers in the City of London, or 1 in every 52 Great British workers. City jobs have grown over 13% since pre-pandemic 2019 to 2022.

£225 billion

Our ground-breaking Vision for Economic Growth report could help unlock £225bn of investment through insurance reforms, pension reforms and net zero investments to drive economic growth across the UK.

£278 billion

The industry produced £278bn of economic output in 2022, 12% of the entire UK’s economic output, and contributed nearly £100 billion in tax revenue.

National Lead Force

The City of London Police is the National Lead Force for fraud and the National Police Chiefs’ Council lead for economic and cyber-crime, providing a single point of contact into policing for all the partners involved in the fraud response – from banking to the Home Office.

98% of businesses

More than 98% of businesses in the City are SMEs. We provide a range of support, information and advice that encourages and enables their growth.

Our actions

  1. Drive economic growth and competitiveness by implementing the Vision for Economic Growth, raising investment levels, becoming a digital-first economy, and anchoring the UK as a leader in sustainable finance.
  2. Maintain London's position as the leading global financial and professional services centre by retaining a world class business environment.
  3. Promote the UK as a place that is open, innovative, and sustainable.
  4. Ensure that the City has the safest, most secure business environment in the world.
  5. The City of London Police will continue to protect the UK against economic and cyber crime, setting the national strategy and coordinating the operational response. Additionally, we will be a leading global centre for sustainable finance and expertise.
  6. Maximise our global reach in key advanced and high-growth markets.
  7. Use our convening power effectively to support and represent the sector.

Performance measures

  1. Retain a number 1 ranking for the UK in the Competitiveness Benchmarking Composite Score.
  2. Retain a number 1 ranking for London in the Global Green Finance Index (GGFI).
  3. Achieve positive outcomes in the City of London Police’s work protecting the UK from the threat of fraud, economic, cyber and business crime.
  4. Increase weekday worker numbers in the Square Mile.
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