On the eve of MIPIM, the Mayor Sir Sadiq Khan visited the Cannes property festival to set out his ambitions for London at our Welcome to Cannes drinks reception, sponsored by BusinessLDN members Primera.
The Mayor noted that, perhaps for the first time, London has a national government, Mayor, 32 Boroughs and Corporation all “on the same page”. He acknowledged that now is the time to make the case for London and asked all developers, investors and builders to “think about London first”. The ambition to have London competing at its best on the global stage was clear from not only the Mayor, but from all those in the room.
Armed with a new Growth Plan and a forthcoming London Plan review, there is a clear GLA ambition for sustainable growth in London but, as the Mayor acknowledged, London hasn’t built at the scale required to meet the new 88,00 new homes a year target since the 1930s.
However, the need has arguably never been as severe as it is now, with the Mayor recalling that London Boroughs currently spend £4 million a day on temporary accommodation. Stark figures like these really set the backdrop for the urgent need for action.
The Mayor highlighted the economic opportunity, stating that if London meets its ambitious growth targets, the UK economy could grow by an additional £107 billion over the next decade, putting an extra £11,000 in the average Londoner’s pocket every year. It is clear that the Mayor is determined to set the groundwork for truly sustainable and inclusive growth, and that the built environment and all its actors will sit at the heart of that ambition, helping to shape the places that people live, work and play.
With the Mayor’s ambitious vision, strong public and private partnerships are essential. There was no better place to launch this rallying call than a room full of leaders from both sectors, ready to drive change.
Despite the weather in Cannes, there was a growing sense of optimism in the room that London can make significant strides towards the targets that it has been set and ensure that London remains the best city in the world in which to do business.
To find out more about our involvement in developing the next London Plan, contact Harry Steele.