This article first appeared in The Business Influencer

“May you live in interesting times” is an English expression of a Chinese phrase. Like it or not we live in interesting times, perhaps too interesting. They are times of huge challenge, great upheaval, and uncertainty. They are times when CEOs can shine if they can double down on optimism and creativity. They are great times for collaboration between Governments and business. But let us not forget that there are big problems – short and long term – and that collaboration is critical if we are to solve them. 

Capital cities like London, New York and Toronto share some common challenges and can benefit from working together to help each other. This summer the Mayor of London, Sadiq Khan was in New York to promote the Let’s do London campaign designed to attract increased US tourism — he received a fantastic and warm welcome from New Yorkers, former Mayor Bloomberg and New York City Mayor Eric Adams, who described him as a rockstar! The Lord Mayor of the City of London, Vincent Keaveny, recently visited Toronto to promote London’s FinTech and Financial Services. 

Tourism is still on a path to recovery post Covid-19 and remains very important to the success of arts, theatre and culture in the top three largest English-speaking theatre districts in the world; Broadway, the Toronto Theatre district, and London’s West End. These each play a vital role in shaping the culture and ambiance of these great cities, which in turn is what helps to make them a beacon for talent.

This time last year we were all pre-occupied with economic recovery post Covid with big questions about the possibilities of further lockdowns, the impact on commercial office space of hybrid working and supply side issues including labour availability in areas like hospitality and services.

We did not anticipate a war in Ukraine, an energy crisis and soaring inflation. What I have been struck by over the past few months is the high level of concern of business leaders about the impact of inflation on the low paid and the poorest in society. This concern goes beyond expression to taking meaningful action in the workplace, via many different solutions (though all having real monetary value) and a willingness to collaborate with governments on bold and creative actions.

Wherever we live, we know that we cannot go through another recession increasing still further the gap between rich and poor. How we deal with this may well determine the level of societal unrest that lies ahead and the intensity of political division. Even greater inequality bodes badly for the future of our society, whichever way we look at it.

Add to this, some of what we might have seen previously as longer-term issues, including geopolitical instability and climate change, have become much more immediate. Experience in many parts of the world in summer 2022 suggests the latter is a short-term issue requiring even more urgent action and solutions.

And as we look at the scale of the challenges present across the globe, business and government will have to work together to rise to the demands of an unstable world. For example, as business stepped up brilliantly to support in the pandemic, so too has it stepped forward to work with government to support refugees from Ukraine into work. This will have to become increasingly the norm, with CEOs bringing to bear their creativity and optimism in the face of disruption, across the capital and beyond.