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

  • July 18, 2017
    Authorities look to MaaS for new solutions and cost savings
    The structure of society and the way in which our cities work will be completely transformed by Mobility as a Service (MaaS), Finland’s minister of transport and communications Anne Berner, told ITS International’s recent MaaS Market conference 2017 in London. In her keynote address, Berner told a packed audience of more than 200 ITS professionals that MaaS has the potential to help governments around the world meet their big city targets such as the rate of employment, the environment, the efficient use of
    Read More
  • July 28, 2016
    Australian transportation sector to remain stable through 2016, says Fitch
    Fitch Ratings says in a newly published report, 2016 Mid-Year Outlook: Australian Transportation, that the agency's outlook on Australian transportation infrastructure is stable. It says toll roads will benefit from continuing healthy economic growth, while the weaker Australian dollar will help support ports with exposure to the commodity export sector. However, exposure to medium-term bullet debt could leave issuers vulnerable to refinancing risk in the event of a significant downturn in the Australian
    Read More
  • February 2, 2012
    Is Europe's Galileo project value for money?
    Philippe Hamet discusses the progress of the European Union's Galileo Global Navigation Satellite System Project
    Read More
  • October 15, 2019
    Climate fears driving EV buyers, says Geotab
    Reducing their environmental impact is as likely to persuade UK consumers to buy an electric vehicle (EV) as saving money, according to a new survey. Connected vehicle company Geotab surveyed 3,001 consumers on factors that appeal to them in an EV. Four out of 10 respondents are motivated by reducing their impact on the environment - compared to 45% for lowering running costs and 37% for lowering tax costs. Regional findings showed climate was a priority for nearly half the participants from the So
    Read More

Highlighted Content