City's Square Mile Plans to be World's Most Sustainable Business Centre

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29 April 2021

A new report has unveiled City Corporation's action plan to make the Square Mile the world’s most innovative, inclusive and sustainable business centre.

They also announced plans to convert empty offices into residential units, aiming for at least 1,500 new residential units by 2030.

"The Square Mile: Future City", produced by the City Corporation’s Recovery Taskforce in partnership with Oliver Wyman, sets out a vision for the next five years with detailed actions to enhance the city’s competitiveness and attractiveness.

The report focuses on three key dimensions: fostering an innovative ecosystem for businesses and talent; ensuring a vibrant offer that engages workers, visitors, learners and residents; and delivering outstanding environments that support people and businesses with sustainable buildings, high-quality streets and public spaces.

"Inclusion, innovation and sustainability should be at the core of the future city. We remain confident that the Square Mile will return to its usual buzz and vibrancy by building on these pillars.”

–Catherine McGuinness

Policy Chair, City of London Corporation

Recovery Taskforce

The Recovery Taskforce’s mission is to ensure the Square Mile is the world’s most innovative, inclusive and sustainable business ecosystem as well as an attractive place to work, live, learn and visit.

The report commits the City Corporation to a number of activities to deliver this vision, including working with the property industry to enable and promote sustainable, flexible and adaptable buildings. The City Corporation will explore new ways to use vacant space and aim for at least 1,500 new residential units by 2030.

They will also work with private sector partners to provide workspace, advice, digital skills, access to networks and capital. The City Corporation aims to curate "an ecosystem of high-potential tech-led businesses". 

Small Business Research and Enterprise Centre

As part of the plans, a newly rebranded Small Business Research and Enterprise Centre – replacing the existing City Business Library – will open its doors to start-ups and SMEs on 10 May. It will support the creation and growth of sustainable businesses in the city, London and the UK by providing access to essential data and advice.

A five-year marketing campaign will promote the city as an inclusive, exciting place to be. A programme of weekday events will also support physical and mental wellbeing among the city’s workforce and promote diversity and belonging.

Lord Mayor of the City of London, William Russell, said: “Hope is now on the horizon as our economy starts to reopen bringing a semblance of normality to life in the city.

“This report sets out how we can leverage this momentum and build back better. The Square Mile’s future is bright and we will rise to the challenge of adapting to the new normal that emerges after the pandemic.”

Picture: a photograph of Catherine McGuinness

Policy Chair at the City of London Corporation, Catherine McGuinness, added: “We have been listening to businesses of all sizes in the city to understand how the pandemic has affected their ways of working and their needs going forward. Firms have told us that they remain committed to retaining a central London hub but how they operate will inevitably change to reflect post-pandemic trends, such as hybrid and flexible working.

“The Square Mile must evolve in order to provide an ecosystem that remains attractive to workers, visitors, learners and residents. This will involve encouraging growth, fostering talent from all backgrounds, providing a vibrant leisure offer and offering outstanding environments.

“Inclusion, innovation and sustainability should be at the core of the future city. We remain confident that the Square Mile will return to its usual buzz and vibrancy by building on these pillars.”

Picture: a photograph of Mansion House, the official residence of the Lord Mayor of London in the Square Mile

Article written by Ella Tansley | Published 29 April 2021

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