Technology and creative sectors the key to London’s future – CBI/CBRE

As the UK’s future relationship with the European Union hangs over the capital’s businesses, According to the latest CBI/CBRE London Business Survey, firms view the technology and creative sectors as fundamental to London’s future prosperity. Two thirds of the 271 respondents to the London Business Survey (65 per cent) said that the technology and creative sectors were the principal sectors for the capital’s economic growth over the next five years, followed by professional services (49 per cent) and f
September 22, 2017 Read time: 2 mins
As the UK’s future relationship with the 1816 European Union hangs over the capital’s businesses, according to the latest CBI/CBRE London Business Survey, firms view the technology and creative sectors as fundamental to London’s future prosperity.


Two thirds of the 271 respondents to the London Business Survey (65 per cent) said that the technology and creative sectors were the principal sectors for the capital’s economic growth over the next five years, followed by professional services (49 per cent) and financial technology (47per cent). With more than nine in ten (91 per cent) firms continuing to rate London as a good or great place to do business, bolstering the resilience of the city’s infrastructure is also key to securing the capital’s future growth. Nearly three quarters of firms want the Government to push ahead with Crossrail 2 whilst over half of businesses want Heathrow’s third runway to be a priority project.

With the majority of London businesses employing staff from the EU (88 per cent), Brexit is having a significant impact on the capital’s companies. Just under three quarters of firms (73 per cent) view uncertainty over the UK’s role in Europe as their top concern, whilst a similar number have developed, or are developing, a contingency plan for when the UK leaves the EU. Indeed, over a quarter of respondents indicated they are planning to move part of their operations overseas. Close to two thirds have, or are developing, a strategy to address skill shortages that could be incurred if restrictions are placed on EU nationals working in the UK.

Coupled with concerns about Brexit, only 10 per cent of companies feel more optimistic about the economy over the next six months, compared to 19 per cent in the last survey, whilst only 16 per cent feel more optimistic about their own business prospects over the next half year (compared to 26 per cent in the last survey).

For more information on companies in this article

Related Content

  • Technology, social media bigger perceived threats than drink-driving, IAM finds
    November 6, 2015
    Motorists are now more worried about the dangers of distraction posed by technology and social media than drink-driving, according to the Institute of Advanced Motorist’s (IAM) first major survey into safety culture. The Safety Culture Index report was launched today by the IAM, and is a study of more than 2,000 UK motorists’ attitudes to driving safety and behaviour on our roads. IAM claims it will form a definitive baseline to track changes over time, providing the opportunity to examine how attitudes
    Read More
  • US toll roads stable for 2014, says Fitch
    December 18, 2013
    Within a broader review of US transport infrastructure securities, including ports and airlines, Fitch Rating analysts say the recent slow growth in aggregate traffic is likely to continue but that many established toll roads look financially solid because of their pricing power - tolls that have been well below revenue maximising levels. Their pricing power has been somewhat reduced, Fitch says, by strong increases in toll rates on many toll roads, which mean they have less scope for big increases in to
    Read More
  • New report indicates reduction in London’s pollution
    July 20, 2015
    A new report, produced by experts at King's College London, for the first time quantifies the health and economic effects of the air pollutant nitrogen dioxide (NO2), where all previous studies have focused on particulate matter (PM2.5). Combined together the effects of both pollutants reveal a higher health impact than previously estimated after taking into account this further pollutant. The study also found that nearly half the health impacts are caused by air pollution outside London such as diesel
    Read More
  • Authorities select enforce now, pay later option
    October 19, 2015
    Outsouring of enforcement services is on the increase internationally as highway and traffic authorities seek further support in resources and expertise from the private sector. Jon Masters reports. Signs of a significant company making moves into a new market can usually be read as indication of likely growth in that particular sector. Q-Free’s expansion from tolling operations into general traffic enforcement could be viewed as surprising as it is moving into what are relatively mature and consolidating m
    Read More

Highlighted Content