Championing London's financial and professional services

London’s financial and professional services sectors are key drivers of economic output and employment.

The London Assembly Economy Committee held a meeting looking at how these sectors had responded to the impact of leaving the EU and the pandemic.

Outlining the findings, the Committee has written to the Mayor with a series of recommendations on how to better promote London as an international hub for financial and business activity.

• The Mayor, Deputy Mayor, and London & Partners should continue to work with central government to champion and support London’s financial and professional services sectors and ensure that the city remains a world leader in these areas. This work should involve promoting these sectors abroad, including outside the European Union. The Mayor should report back to the Committee on the targets he has set for this work and the countries he is focusing on for promotional activity.
• The Mayor, Deputy Mayor, and London & Partners should set out an action plan for how they intend to champion emerging professional and financial services areas, such as fintech, regulatory technology, legal technology, and environmental, social, and governance (ESG). London has the opportunity to be a world leader in these areas.
• The Mayor should share with the Committee the ‘Optioneering Report’ that is being developed with the Green Finance Institute, due to be published in Spring 2022. If the report does not contain a clear timetable for the project, then this should be provided alongside the report.
• The Mayor should set out how his work with the Green Finance Institute will support the growth of green finance in London, and how it will mitigate against greenwashing.
• The Mayor should outline how he is using his convening power to further support the growth of green finance in London and fulfilling his manifesto promise to ‘support the City to be the world leading centre for green finance’.
• The Mayor should lobby the Government to ensure the UK’s new visa and immigration system following the UK leaving the EU is working in the right way to address London’s skills needs in financial and professional services.
• The Mayor should set out how he actively considers and supports London’s financial and professional services through his work in other policy areas, and what assistance he requires from government for this. This could be in relation to transport, culture, and ensuring London is seen as a welcoming place for people to live and work.
• The Mayor informed the EU Exit Working Group in 2021 that he had written to the Chancellor ‘urging the Government to work urgently to close major gaps in the deal on issues such as financial services equivalence, recognition of professional qualifications and business travel.’ He should update the Economy Committee on the Government’s response and outline any further action he has taken on these issues.
• The Mayor should continue to lobby the Government to ensure that the UK Shared Prosperity Fund (UKSPF) fills the gaps left by the loss of ERDF funding and that London receives its fair share of this. The Mayor should demonstrate to the Assembly what work is being undertaken to achieve this ask.
• The Mayor and London & Partners should continue to monitor and report on the impact, including challenges and opportunities, of Brexit on London’s financial and professional services. They should provide the Economy Committee with an annual report so the Committee can continue to review their assessment of this impact.