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

  • Thales to upgrade four London Underground lines
    August 4, 2015
    French transportation group Thales has been awarded a £750 million (US$1,160 million) contract by Transport for London (TfL) to upgrade four London Underground (LU) lines. Under the contract, Thales will modernise the signalling and train control system on the Circle, District, Metropolitan and Hammersmith & City lines. Known as the Sub-Surface Lines (SSL), the four lines form a complex network of interlinked routes with numerous junctions which comprise 40 per cent of the LU network and carry up to thre
    Read More
  • Pivot Power: 'We need to rethink the EV customer experience'
    October 10, 2018
    Electric vehicles will increasingly become a key part of the mobility mix but charging infrastructure is currently patchy. Adam Hill talks to Matt Allen of Pivot Power about disruption, horses, slot machines – and the importance of customer experience. Electric vehicles (EVs) – including buses, taxis and cars for individual and shared use – are already a common sight on our roads. They are not yet ubiquitous. But that will come. There will be around 30 million electric cars in the world by 2030 (as they
    Read More
  • Strong first quarter 2014 for IRD
    April 16, 2014
    International Road Dynamics (IRD), Canada-based intelligent transportation systems (ITS) supplier, has announced solid growth for the three months ended February 28, 2014. Revenue increased by 32.2 per cent to $10.3 million compared to $7.8 million for the same quarter last year. Solid growth was achieved in the Company's Canada and United States and Latin America markets, while EBITDA increased to $490,090 compared to a loss of $190,359 in the first quarter of 2013. Quarter one of 2014 is the fourth con
    Read More
  • Improve and increase mass transit systems to minimise congestion
    January 24, 2012
    Rather looking to solve congestion by spreading the load, perhaps we need to look at concentrating it. Michael L. Sena writes. We humans were made to walk and run at embarrassingly slow speeds by comparison with other, more fleet-footed organisms. The sea is not our natural habitat and we were definitely not designed to fly unaided. Nevertheless, humankind has evolved a method of living during the past century that is dependent on transporting its members over very long distances during relatively short per
    Read More

Highlighted Content