London still the “best place in the world to do business”
12 Oct 2017
London has retained the top spot as the world’s top city for attracting business and talent in the Global Power City Index (GPCI) 2017, beating New York, Tokyo, Paris and Singapore.
A report published today by The Mori Memorial Foundation’s Institute for Urban Strategies, a research institute established by Mori Building, a leading urban developer in Tokyo, ranked London as number one for the sixth year in a row, highlighting its strong cultural offering, excellent culinary experience and accessibility.
44 major cities were assessed and ranked across six key measures including: economy, research and development, culture, accessibility, the environment and livability.
London topped the ranking for culture, with overseas tourists making a record 19.1 million visits to the city in 2016. The report also recognised London’s reputation as a world-leader in business and innovation, ranking second for economy and research and development.
The Mayor of London, Sadiq Khan, says: “With its unrivalled talent pool, the presence of a huge number of global businesses across all sectors, and access to regulators, business support services and vital European markets, London is the best place in the world to do business. What’s more, the capital's cultural attractions, food scene and sporting calendar are world-leading – just a few of the reasons London is such an attractive place to live and work.”
A separate report, published by Oxford Economics for London & Partners, shows that London will remain Europe’s leading global business centre despite Brexit. Economic growth in the UK capital is expected to be stronger than many other European city, rising 2.4 per cent a year until 2021, and outperforming a number of other major European cities including Paris (1.7 per cent), Frankfurt (1.5 per cent) and Berlin (1.9 per cent).
Richard Holt, Head of Global Cities Research, Oxford Economics adds: “London has the huge advantage over most other cities that it has not one or two strengths but many. From financial services to medical research to legal services to tourism, London is a world leader. And new digital technologies mean that the barriers between these are becoming ever-more blurred, allowing companies to follow opportunities across different markets. Since London is also a leader in digital technology, that makes it not just one of the largest cities in Europe but also one of the most flexible. It’s a winning combination.”
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