London has secured its place amongst the world’s leading cities. The bustling metropolis is even in a league of its own. In addition to being a home to nearly 10 million people, London is also faced with the challenges and opportunities that characterize a city of its status.
Connectivity
Diversity
London is both diverse and populous. Nearly 10 million people living in London. That number is not sketchy by any means. And that’s not all. Residents of London speak over 300 languages and are members of at least 14 different faiths.
International HQs
London is home to global financial and business services. For instance, about a third of European headquarters of Global Fortune 500 companies are in London. More so, over 405 of the world’s foreign equities are traded in London, outdoing New York. More than 30 percent of all currency exchanges around the world happen in London. That’s just more than Tokyo and New York combined! And while both New York and Tokyo are reliant on domestic markets, over 80% of business in London is international.
Environment
For a city to be truly global, it must have a positive impact on the environment. London has developed various sustainable solutions to negate climate change. For instance, its congestion charge and decentralized production of energy have positive implications on the environment.
Knowledge Base
London is a globally recognized center for science, tech, and design. That means it’s an epicenter for global talent that attracts significant competitive advantage for businesses looking to take advantage of its workforce. Already, over 4500 world-class researchers and renowned medical and clinical trial centers are based in the city. There are also more than 42 institutes of higher education, which is one of the largest number for any city.
The Challenges
London being a world-class city inevitably puts a strain on existing infrastructure. Investment in massive infrastructure projects such as cross rail is crucial for the city to cope. The lack of an international convention center has also been marked as one of the factors hindering London’s tourism economy. A Mayoral commission set up in 2004 to assess the benefits of such a facility found out that it could have maximum economic benefit. London is a member of C40 Climate change group. This is a collection of top cities around the world that are making efforts to reduce the emission of carbon, as well as boost energy efficiency.