Supporting London's sectors growth
London has a global competitive advantage in key sectors and industries that are particularly important to drive the UK’s future growth and productivity.
Our work for London's sectors
The Mayor works to support growth across London’s economy, and has identified key sectors that are key to a fairer and sustainable future economy for London. From the visitor economy and financial and business services, to technology, life sciences, creative services and the green economy, these sectors can help bring wider benefits to Londoners. These are often complementary, overlapping and have significant potential for further growth and development.
On this page we outline some of the ways we work to support and grow these sectors.
Our Economic Development Strategy
We want a prosperous economy that works for all Londoners – and in which neither opportunity nor achievement are limited by gender, ethnicity, sexuality, religion, disability, place of birth or background.
We also want businesses and entrepreneurs to feel supported to grow and innovate, and to enjoy the certainty of knowing that London will remain globally competitive and open to business.
This draft strategy sets out the Mayor’s vision for the economy.
Economic Development Strategy for London 2017
Supporting financial and business services
The financial and professional services sector account for 2.5M jobs across the UK. London is home to over 90,000 diverse financial and professional services companies and has long been a global financial hub. London has also established itself as a world leader in fintech. Funding into London fintech companies has grown rapidly in the past decade, increasing from $495m in 2014 to $9.9bn in 2022.
With key institutions such as the Bank of England, the Financial Conduct Authority and global headquarters of many international banks and insurance houses at its heart, London also boasts an unparalleled ecosystem of professional, legal and business services.
Key areas of focus include maintaining a competitive business environment, investing in infrastructure and skills, supporting sustainable finance and to showcasing London’s strengths on the world stage.
The Mayor is working hard to ensure London continues to provide the best financial and business services to the city, the country and the rest of the world. We’re also working with London & Partners to promote London’s fintech hub and achieve the Mayor's vision for the sector:
- All Londoners, as well as businesses across different industries, to benefit from the opportunities presented by digital technology.
- London’s tech-driven sectors to have access to the infrastructure and skills they need to grow.
- Support collaboration across different sectors and disciplines.
- Showcase innovation globally to attract the investment the sector needs to thrive.
Supporting Tech and Digital sectors
London is Europe's leading tech hub, with more than 589,000 employed in the capital's tech sector.
Recent years have spurred digital transformation initiatives across the economy and London’s tech sector has continued to attract significant investment. London startups collectively raised over $12.9B in venture capital investment in 2023. In last three years London-based VCs have raised over $24B in funds.
City Hall reinforces its commitment to encourage growth of the London tech industry through business engagement and support for flagship events such as London Tech Week, and to achieve the Mayor's vision for the sector:
- All Londoners, as well as businesses across different industries, to benefit from the opportunities presented by digital technology.
- London’s tech-driven sectors to have access to the infrastructure and skills they need to grow.
- Support collaboration across different sectors and disciplines.
- Showcase this innovation globally to attract the investment this sector needs to thrive.
The Mayor appointed a Data for London Advisory Board, a leadership group of data and technology experts. They will advise the Mayor and Chief Digital Officer Theo Blackwell to develop the new Data for London platform and a data strategy to ensure data is joined up effectively and responsibly.
Established in 2017, the Mayor’s Connected London team works with local authorities to coordinate digital infrastructure providers and facilitate investment into fibre and mobile connectivity in underserved areas of London. The team has been instrumental in facilitating cross-organisation agreements, resulting in increased investment in full fibre network expansion to power gigabit broadband to homes and businesses and enable 5G mobile.
The Mayor is dedicated to underpinning London’s business landscape and skilled employees are at the heart of the capital’s economy, delivering a strategic city-wide technical skills and adult education offer. The Mayor’s Skills Academies Programme aims to support Londoners hardest hit by the pandemic into good work in sectors key to London’s recovery and long-term economic growth, as part of the London Recovery Programme.
Digital Academy will focus on supporting residents in 12 London boroughs and the City of London into a range of Digital roles which are facing skills shortages, including software development, programming, web development, cyber security and data analysis.
Supporting the Life Sciences sector
London is a global hub for life sciences with a rich network of renowned universities and research centres, healthcare providers, medical charities, innovative SMEs and large industry players. With industry spanning everything from pharma and advanced therapies to medtech and AI, these world class institutions and experts are helping to tackle some of the big health challenges in society.
The Mayor wants to ensure that London is the best place in the world for life sciences firms to emerge, locate, innovate, grow and commercialise new ideas, an environment where research institutions and firms collaborate to develop advances in innovation that save and improve lives, while also creating good jobs and opportunities for Londoners.
London’s thriving life sciences industry employs 31,700 people in London (2021), an increase of more than 50 per cent since 2009, generating turnover of £10.8 billion. Each UK life sciences job generates GVA of £104,000 – twice the UK average of £49,000.
MedCity works to accelerate investment and innovation in health and life sciences in London by promoting the sector and strengthening connections within the ecosystem. Co-founded by the Mayor, its mission is to create economic growth that is resilient, sustainable and inclusive. MedCity a social enterprise and part of London & Partners, the business growth and destination agency for London.
From working with biotech, medtech, pharma companies and the broader life sciences ecosystem, MedCity’s goal is to supercharge innovation, drive inward investment, and build skills and talent across the sectors in the UK. Working in close partnership with London’s world-leading universities and national ecosystem stakeholders, MedCity creates powerful networks and partnerships to fast-track R&D, with a specialist focus on diagnostics and cell and gene therapy.
For more information about MedCity, visit: MedCityHQ.com or on X @MedCityHQ.
Locations of various life sciences clusters and districts across London include:
London's Academic Health Science Centres (AHSC)s include:
London's Academic Health Science Networks (AHSN)s include:
Supporting London's visitor economy
Tourism is a driver of London’s economy and one of the cornerstones of our diverse, vibrant, global city. Our world-class cultural offering attracts visitors from all over the world as well as being a major reason that companies continue to invest in London, while our hospitality and leisure venues provide memorable experiences and unparalleled levels of service to Londoners and visitors.
We’re working with London & Partners to promote London internationally. Read more about this partnership, and our approach to championing London’s visitor economy.
Supporting industries that help the environment
The Mayor has committed to make London net zero by 2030, working towards a cleaner, fairer, more equal city with a renewed drive to tackle the climate and ecological emergencies, whilst also creating good quality jobs.
To achieve this, we are working with London's businesses to boost and support green jobs and the climate emergency. For instance, through UK Shared Prosperity Funding, the Mayor is supporting the Better Futures programme, to helping London to develop carbon cutting businesses and become beacons of cleantech, low carbon and resource efficient industry.
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