One British city is a clear leader when it comes to growth and innovation. For millions of young professionals, London remains the place to be, in spite of mounting pressure from growth areas in the North.
But exactly what is it that makes London so compelling? Let’s take a look at a few worthwhile features.
A Thriving Creative Ecosystem Fuelling Economic Growth
According to government findings, the creative industry contributed around £124 billion in gross value to the UK economy in 2023. In 2022, the most recent year for which estimates exist, London was by far and away the greatest regional contributor to this sum, on 50.8%. This is over and above the total Gross Value Added for the city, which is around 23.7%.
What is it that makes the creative industries such a good match for the city? There are a number of factors to consider. There’s a strong culture of art and music, which feeds into IT, advertising, and media – all of which depend on a steady supply of talented individuals.
Innovation Infrastructure: Clusters, Catapults and Co-working Hubs
Since the pandemic, working practices in the UK have undergone something of a revolution. Large numbers of people are working from home, which has allowed many employers to downsize their premises. At the same time, home workers, including freelancers, have missed the benefits of occupying the same physical space as their colleagues.
The proliferation of co-working serviced office spaces in London provides an answer. These spaces allow professionals to network and collaborate, while retaining the flexibility and productivity benefits of a home office. The city is also home to non-profits like Digital Catapult, which provide help for businesses looking to modernise and transform their operations.
Bold Public Investment and Long-Term Strategic Support
The Creative Industries Sector Plan, recently set out by the government, has set aside an additional £380 million to help drive innovation, access to finance, R&D and skills programmes across the UK to 2035. This will disproportionately benefit London, as it will bolster the creative clusters we’ve already discussed. On top of this, there’s an additional £10 million pledged by the Mayor of London to bolster the creative industry in the city. This government backing might provide businesses with the confidence required to thrive.
Global Showcases and Cultural Anchors Enhancing Visibility
Every so often, there’s a major event in London that helps to recognise and promote creative individuals and organisations. These are often great places for creative minds to meet and collaborate, and to form networks with others from around the world. For example, the London Design Festival takes place every September, helping to provide fertile ground for growth in the industry.
Creative Resistance and Independent Spirit in the Age of AI
In recent times, the impact of AI has caused considerable uncertainty in the creative industries. It’s unclear what the technology will be used for, and how it will impact creative employment in the long term. London is home to a number of organisations, among them Make It Fair, which speak on behalf of the creative industries, and help to ensure that the automated environment of the future is suitably regulated.