Jonathan Fryer

Writer, Lecturer, Broadcaster and Liberal Democrat Politician

Archive for May 10th, 2018

Have We Reached Peak London?

Posted by jonathanfryer on Thursday, 10th May, 2018

City of LOndonLondon likes to present itself — with some justification — as the world’s premier global city. But it may be falling off its pedestal. Whereas until 2016 people flocked to London to find jobs in everything from banking to being a barista, these days the movement is more towards the exit door, as applications for NHS jobs from EU27 nationals plummet and European academics here search for pastures new. There is no doubt that Brexit (and the associated, barely concealed xenophobia manifest among certain sections of the British population). is the main reason for London losing some of its shine. Yes, Far Eastern investors are still buying property in London, but that’s mainly because the sharp fall in the value of the pound sterling has made even high-end property a good deal for them. Of course, cities go up and down. London was a comparative dump in the 1970s, with a shrinking population, whereas Paris was where it was at. But Paris subsequently lost it.

Steve Norris small At a fascinating seminar on Making London Succeed for Everyone post-Brexit, hosted by the international law firm Eversheds Sutherland in the City this evening, Steve Norris — former Conservative MP and onetime London mayoral hopeful — declared that he thought we are maybe are at Peak London; actually, I think that we are already on the way down from that peak — and given the shambolic way that Theresa May’s government is mismanaging Brexit, that descent could accelerate. Paris, Frankfurt and Dublin are salivating at the exodus of financial services and other economic actors from London, while meanwhile cities like Berlin and Lisbon are asserting themselves as cutting edge cultural and high-tech centres, as Cool Britannia’s image fades. Steve Norris was probably right when he said that Cool Britannia was actually Cool London, but how much longer will that be the case? Research suggests that the high Leave vote in many of the English provinces reflected a Sod London feeling (as well as Sod David Cameron), but being an overwhelmingly Remain city may not save London’s skin. Obviously, from my perspective I hope Brexit doesn’t happen and that the plug is pulled before further damage is done. But I cannot be wildly optimistic. Britain risks becoming a not-particularly-important offshore island and London will struggle not to be pulled down with it.

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