City of London Corporation unveils recovery plan

Empty office space could be converted into flats and homes in the heart of London’s Square Mile, as part of a new recovery plan.

The Square Mile: Future City report produced by the City Corporation’s Recovery Taskforce in partnership with Oliver Wyman, sets out a vision to turn the financial district into an innovative and inclusive centre.

The recommendations include exploring new ways to use vacant space and aim for at least 1,500 new residential units by 2030.
The City Corporation will curate an ecosystem of high-potential tech-led businesses. According to the report, it will introduce them to City networks that can help them establish and grow.

And the City will also facilitate data-sharing that can be used by data-driven businesses to test solutions.

A newly rebranded Small Business Research and Enterprise Centre – replacing the existing City Business Library – will open its doors to start-ups and SMEs on 10 May. It will support the creation and growth of sustainable businesses in the City, London and the UK by providing access to essential data and advice.

‘Hope is now on the horizon as our economy starts to reopen bringing a semblance of normality to life in the City,’ said the Lord Mayor of the City of London, William Russell.

‘This report sets out how we can leverage this momentum and build back better. The Square Mile’s future is bright and we will rise to the challenge of adapting to the new normal that emerges after the pandemic.’

Managing partner at Oliver Wyman Forum, John Romeo, added: ‘London wouldn’t be London without its people, diversity and openness. The economic and social trends that have accelerated during the pandemic must be met and nurtured in order to see our city and its people thrive, and the Square Mile must be proactive in its response to shape the future and drive the change we want: more innovative, more sustainable and more inclusive.

‘As we emerge out of lockdown and see the economy rebooted, our priority actions will ensure that the City is prepared to meet people’s new way of living and working. By maintaining a world-leading role in fostering talent and innovation, London will in turn be able to help other UK cities and regions bring in wealth and talent in their own rights, by using its position to innovate, test, and disseminate new ideas and approaches.’

Photo Credit – City of London Corporation