As the UK’s future relationship with the EU hangs over the capital’s businesses, firms view the tech and creative sectors as fundamental to London’s future prosperity, according to the latest CBI/CBRE London Business Survey.
Two thirds of the 271 respondents to the London Business Survey (65%) said that the tech and creative sectors were the principal sectors for the capital’s economic growth over the next five years, followed by professional services (49%) and FinTech (47%).
With the vast majority of firms – more than nine in ten (91%) – 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 (69%) whilst over half of businesses (59%) want Heathrow’s third runway to be a priority project.
With the overwhelming majority of London businesses employing staff from the EU (88%), Brexit is having a significant impact on the capital’s companies. Just under three quarters of firms (73%) view uncertainty over the UK’s role in Europe as their top concern, whilst a similar number (69%) have developed, or are developing, a contingency plan for when the UK leaves the EU.