Policy Chairman of City of London Corporation Speaks Out Over CityΓÇÖs Future
In the wake of new commercial development and office space proposals in the City of London, Stuart Fraser – Policy Chairman of the City of London Corporation – speaks out about the future of the capital’s Square Mile.
As reported last week on our Blog, property developers British Land and Blackstone are planning to build a new 700,000 sq ft City office for global financial services firm UBS. If planning is accepted, the ┬ú340m property will become the largest office building in the capital’s financial district.
As Stuart Fraser points out in City AM’s City Comment, the City of London has, “as always, been liaising with all of the key stakeholders to ensure the final design proposals not only meet UBS’ requirements but also enhance the Square Mile as a business environment.”
He points out that it is “hugely encouraging” that such a prestigious financial institution as UBS has chosen to open its new European HQ in the City and double its existing office space – suggesting that this news is indicative of London’s return to growth following the recession (although he also notes that the City’s property market was resilient during the financial crisis).
New developments such as this, combined with the decision of major corporations to commit to the City, show that London has “retained its reputation as a leading financial centre”.
But while this paints a very positive picture about the City’s future, Fraser warns that more is required to allow London to compete in the global marketplace.
“We need the government and European policy makers to support these efforts by maintaining a business environment,” he commented. “Competitiveness is a complex issue and here in the City we are doing all we can to create a business environment capable of continuing to attract the leading firms and top talent from around the world.”
He adds: “It will require a concerted effort both at home and in Brussels, but I hope any future changes to our regulatory landscape will reflect these ambitions and will enhance – not diminish – London’s reputation as a world-class centre for international finance.”