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).

Related Content

  • February 2, 2015
    Cycling in London grows by ten per cent
    London’s cycling revolution accelerated last year, with 2014 seeing new records for usage of the capital’s cycle hire scheme and overall cycling on the Transport for London (TfL) road network. Across the TfL road network, London’s main roads, cycling levels in quarter 3 of 2014/15 (14 September to 6 December) were ten per cent higher than in the same quarter the previous year and the highest since records began in 2000. It was the fifth record quarter in a row. By the end of 2014/15, TfL forecasts a 12 p
    Read More
  • June 9, 2015
    Mobility itself is moving says cubic
    Cubic’s Chris Bax looks at the challenges and benefits of implementing transport as a service. Imagine paying for travel in exactly the same way you buy your phone service. For example, you would pay a set amount in exchange for a monthly travel package covering up to 100km of free taxi journeys in your home city (including a guaranteed 15 minute pickup) and public transport usage within a 1,500km radius of your home. Not only would this option be cheaper than owning and maintaining your own car, you would
    Read More
  • July 27, 2015
    High-mileage drivers more dismissive value of speed cameras, says survey
    High-mileage drivers are more likely than any other type of road user to think speed cameras have ‘little or no influence’ in reducing the numbers of road casualties in the UK, according to a white paper issued by the Institute of Advanced Motorists’ (IAM) Drive and Survive division. The paper, Speed Cameras – The Views of High Mileage Drivers, also found 28 per cent of high-mileage drivers have a negative view of speed cameras – 10 per cent more than other drivers. It also found that more than half o
    Read More
  • January 23, 2012
    ANPR - cost-efficient traffic management, enforcement and more
    Geoff Collins of Vysionics Intelligent Traffic Solutions talks about the near-term prospects of ANPR. The continued absence of a champion for its cause is preventing digital enforcement technology from delivering the true levels of cost-effectiveness of which it is capable, according to Geoff Collins, sales and marketing director of ANPR specialist Vysionics Intelligent Traffic Solutions.
    Read More

Highlighted Content