Greater London Report from London Business School BSR


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What makes London the so-called capital of the 21st century?

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Greater London Report from London Business School BSR

  1. 1. Greater London Report “If Paris was the capital of the nineteenth century and New York of the twentieth, London is shaping up to be the capital of the 21st,” proclaimed New York magazine in 2007. A big part of London’s epicentral status can be found at what some would argue is London’s heart: the compact, cultivated, commercial crucible known as ‘The City’. But there are other major requirements for any location that aspires to remain in the pantheon of world financial centres:© Copyright 2012 London Business School
  2. 2. 1.1 Billion tube passengers annuallyBUSINESS STRATEGY REVIEW 1
  3. 3. World-class transportationThe Tube carried a record numbers of passengers in 2010— exceeding 1.1 billion for the first time. The 2012 SummerOlympics brought some £6.5 billion of necessary newinvestments to the transportation system.BUSINESS STRATEGY REVIEW 2
  4. 4. 400,000 University students living in LondonBUSINESS STRATEGY REVIEW 3
  5. 5. A large pool of professional talentIn this, London is almost unparalleled. It offers a highly educated professionalworkforce, educational institutions with experts available for advice, andopportunities for growth for employees. London is home to more than 400,000university students, some 100,000 of whom are from over 200 different nations —more international students than in any other city in the world. BUSINESS STRATEGY REVIEW 4
  6. 6. Technological expertise and institutions This is a necessity if financial organisations are to keep up with developments affecting flows of information and finance. When it comes to leading- edge efforts in technology, experts such as Bruce Weber, Professor of Information Management at London Business School, are at the forefront. Their work will ensure that rogue traders, such as Nick Leeson, who brought about the collapse of Britain’s Barings Bank (Britain’s oldest merchant bank, the source of funds for Napoleons wars and the Louisiana purchase) are unable to do such damage in the future.BUSINESS STRATEGY REVIEW 5
  7. 7. Multicultural and multiethnicpopulationA total of 604 foreign companies are listed on the London Stock Exchange,including the AIM market. It is also the leading Western centre for Islamicfinance, with 22 banks supplying Islamic financial services, five fully Shariacompliant. It is easier to draw foreign companies to an area in which there arepeople who understand their language and cultureBUSINESS STRATEGY REVIEW 6
  8. 8. 300Three hundred foreign languages are spoken in London; and the city has at least50 nonindigenous communities with populations of 10,000 or more.BUSINESS STRATEGY REVIEW 7
  9. 9. 30%The latest census reports that 30 per cent of the residents of London were bornoutside the UK (some 2.2 million people).BUSINESS STRATEGY REVIEW 8
  10. 10. Aside from bringing new languages and traditions, the immigrants to London offer culinary experiences unmatched by most other cities, with restaurants featuring the cuisines of 70 different countries.BUSINESS STRATEGY REVIEW 9
  11. 11. Cultural institutions London is home to some 240 museums. Among them are some of the world’s finest, from the Tate to the British Museum, the Victoria and Albert and the National Gallery.BUSINESS STRATEGY REVIEW 10
  12. 12. Health care In addition to the quality medical care available through the National Health Service, London has Harley Street, the home of private medicine. The Harley Street area boasts some 1,500 medical practitioners.BUSINESS STRATEGY REVIEW 11
  13. 13. Entertainment From the Royal Opera House to the West End theatre district, London provides world-class entertainment. The theatres alone bring in more than £500 million every year to the UK economy. Part of the West End’s success is due to the fact that it mounts numerous short-run productions each year, often featuring stars of film, such as Ralph Fiennes. Moreover, thanks to Gordon Ramsay et al, London has now gained a reputation for haute cuisine, with many new upscale restaurants opening despite the slowdown in the world economy.BUSINESS STRATEGY REVIEW 12
  14. 14. Shopping and fashion Think Fortnum & Mason, Harrods, Harvey Nichols, Selfridges. London is retailing nirvana. To this can be added the fact that three of the world’s most prestigious auction houses — Christie’s, Bonham’s and Sotheby’s — hold regular sales in London, where serious buyers of luxury goods can purchase fine art, antiques, jewellery, wine and even classic cars.BUSINESS STRATEGY REVIEW 13
  15. 15. Sports From Arsenal’s Emirates Stadium to cricket at the Oval, participating in sports, or losing your voice cheering for your favourites, is easy in London. All of this was enhanced by the venues constructed for the 2012 Summer Olympics, which marked a unique first — London is the only city to host three Olympics.BUSINESS STRATEGY REVIEW 14
  16. 16. This report was part of Business Strategy Review, Volume 23 Issue 2 - 2012 Visit the website STRATEGY REVIEW 15