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

  • First year of growth in demand for public transport in EU ‘since economic crisis’
    June 21, 2016
    The use of public transport in the European Union has reached its highest level since 2000, with a total of 57.9 billion journeys made in 2014, according to a new study released today by UITP (International Association of Public Transport). 2014 was the first year of distinct growth in demand for public transport after years of stable demand following the start of the economic crisis in 2008. The highest total demand in 2014 for bus, tram, metro and suburban rail was recorded in Germany (10.9 billi
    Read More
  • Europe’s heavy trucks ‘no more fuel-efficient than ten years ago’
    December 4, 2015
    A study by the International Council on Clean Transportation (ICCT) claims that trucks in the European Union are no more fuel-efficient than they were a decade ago. The study, which analyses data from the European commercial trucking market, looking at key member states, manufacturers and fuel consumption trend, found that heavy-duty vehicles represent only four per cent of the on-road fleet in the European Union, but are responsible for 30 per cent of on-road CO2 emissions. In contrast, the study cla
    Read More
  • Demand management schemes, is there a better way?
    January 31, 2012
    The European Commission is placing too much emphasis on the use of demand management, according to the FIA. Here, Wil Botman, Director-General of the FIA's European Bureau, explains why. Towards the end of last year, the European Bureau of the Fédération Internationale de l'Automobile (FIA) released a statement which criticised the European Commission's (EC's) approach to urban traffic congestion following the adoption of the Action Plan on Urban Mobility. In particular, the FIA voiced concerns over what it
    Read More
  • Prime Minister’s ‘roads revolution’ good news for industry
    November 11, 2014
    Responding to the UK Prime Minister’s announcement which outlined a ‘roads revolution,’ the Freight Transport Association (FTA) has said that plans to deliver roads improvements across the country are good news for the freight and logistics industry. David Cameron stated that plans for the biggest road building programme for almost half a century will be unveiled in next month's Autumn Statement and would contain a US$24 billion overhaul of 100 of Britain's busiest roads and motorways by the end of the
    Read More

Highlighted Content