The Metropolis of London is drafting a five-year Covid-19 restoration plan to get Sq. Mile again on its ft

0
327

The City of London Corporation is looking to sectors such as green finance and fintech to drive the city’s post-Covid-19 growth according to a draft strategy.

A draft five-year plan released by a task force for recovery includes a plan for “turbo-charging” the recovery of the city from pandemic losses.

“The prosperity of cities around the world is threatened. The pandemic has brought new challenges with it and accelerated global trends, ”said the group’s interim report.

READ “Some people just don’t come back” – city retailers under pressure from lockdown and homework

The work of the Recovery Task Force is part of a tripartite approach to navigating the city through the Covid crisis.

The first part of the strategy is the urgent short term response, the second aspect is a campaign to urge people to return to the Square Mile after the lockdown, and the third part is the work of the Restoration Task Force working with the city deals with medium term future.

The task force said its goal is “to ensure that the Square Mile is the most innovative, comprehensive and sustainable business ecosystem in the world, an attractive place to invest, work, live and visit”.

The report says the company aims to “curate thriving innovation ecosystems in strategic sectors,” with the aim of making London and the “world’s innovation and thinking center, particularly for green finance, fintech, creative industries and AI.” to accomplish.

The task force also said it wanted to “invest in tomorrow’s infrastructure”.

This is to ensure that the city “has the infrastructural“ basics ”that enable it to adapt to changing user requirements (and to anticipate them)”.

READ In pictures: shutters sadly say goodbye to the city

The report said this included “flexible and adaptable office space, resilience, renewal energy, universal broadband and 5G”.

New technologies should also be used, the group said, adding that the Square Mile is the perfect place to test out what’s called smart city technology.

The task force wants to ensure that the Square Mile “offers a vibrant retail, hospitality and cultural offering that is engaging, dynamic and animated”.

Retailers and restaurants across the city have suffered from the pandemic as most of the city’s more than half a million workers stayed away during the government lockdown and widespread homework.

James Sleater, a former BNP Paribas dealer and owner of tailor Cad & The Dandy, who has a shop on Birchin Lane near the Royal Exchange, told Financial News: “The town is a little bubble of its own. It requires the critical mass of office workers to support the multitude of businesses that are not the financial institutions, such as supermarkets, cafes, key cutters, dry cleaners, and restaurants.

“Without these workers here, there is really no way to have a viable business in the city,” he added.

A spokesman for the City of London Corporation said, “This is an interim report that is subject to change and needs final approval by our elected members.”

The final report is due to be published in April. The blueprint was first reported by the Financial Times.

To contact the author of this story with feedback or news, email James Booth