The City of London bears connotations of old men in grey suits who spend more time out of the office ‘entertaining’ than they do in the office actually working. I’ve been working in the City now for just over 6 months and it was true to say that my first impressions did conform to the stereotype. The facts however, tell a different story.
According to an analysis conducted by the Office for National Statistics of the recent census, more than half the working population in London is now under 40, with the most dominant age group being 15 years younger than throughout the rest of the country. The ONS also detailed that university graduates make up 53% more of the working population in London than in the rest of the UK. It is quite clear from these statistics that London is continuing to draw more and more young talent from the rest of the country.
London of course, is the main hub for business and commerce which is why it comes as no surprise that it is such a desirable area to work in. Boris Johnson was recently slated for his comment that London, not Liverpool was responsible for the success of The Beatles. There is certainly some truth in this; London is the capital,there is more work, money and contacts in London than Liverpool and who could forget the iconic Abbey road image. Every major city outside the south-east is losing out to the new young talent fleeing to London.
But this surge in migration has been predicted to increase the London population to 10 million within the next 15 years. Whilst this is great for the growth of the London economy, it is destined to put a strain on the job market, the housing market and social infrastructure. While the capital is always ahead in generating employment compared to other cities in the UK, the Centre for Cities recently posed the question as to why other cities were not offering more opportunities to stop people from moving? More importantly, what can be done about it? How can “second” cities like Leeds, Birmingham and Manchester attract inward investment, retain their talented young people and thrive as our economic growth continues and prosperity returns?
London will always hold the allure of greater opportunities and prospects of higher incomes. However, with an ageing population elsewhere and a social infrastructure in London that isn’t able to cope with the growing influx, the economy needs this growth to spread more evenly. Despite the ‘green shoots’ of recovery in cities such as Edinburgh and Birmingham they are still no match for the powerhouse that is London.
Daniela is a Finance & Administration Assistant in London, and for now, London is where she shall stay.
