London is named the world's best city for business and culture of 2017

Published today (October 12) by The Mori Memorial Foundation, London has been named the world’s leading city for business and culture in the Global Power City Index (GPCI) 2017.

The GPCI 2017 ranked London as number one for the sixth year in a row, which highlights the city’s strengths in innovation, its unique cultural offer and global transport links. The report ranked 44 cities across six measures including: economy, research and development, culture, accessibility, the environment and livability.

London performed well across all areas, ahead of other cities such as New York, Tokyo, Paris and Singapore. The UK capital topped the ranking for culture, with overseas tourists making a record 19.1m visits to the city in 2016.

The Mayor of London, Sadiq Khan, said: “With its unrivalled talent pool, the presence of global businesses across all sectors, and access to regulators, business support services and vital European markets, London is the best place in the world to do business.

“What’s more, the capital’s cultural attractions, food scene and sporting calendar are world-leading - just a few of the reasons London is such an attractive place to live and work.”

According to a separate study by Oxford Economics for London & Partners, London’s economic growth is expected to be stronger than many other European cities.

London’s GDP growth is set to be 2.4 per cent a year until 2021, outperforming a number of other major European cities including Paris, Frankfurt and Berlin.

The findings suggest that London will remain Europe’s leading global business centre despite Brexit, with London’s growth predicted to be greater than the average GDP growth of all Eurozone (2 per cent) and EU28 (1.7 per cent) cities.

From 2017 to 2021, GDP growth in other major European business centres will trail London, with Paris’s growth forecast to be 1.7 per cent a year over that period, Frankfurt 1.5 per cent and Berlin 1.9 per cent.

Today’s report from The Mori Memorial Foundation also recognised London’s reputation as a world-leader in business and innovation, ranking second for economy and research and development.

Richard Holt, head of global cities research of Oxford Economics, concluded: “London has the huge advantage over most other cities that it has not one or two strengths but many.

“From financial services to medical research to legal services to tourism, London is a world leader, and new digital technologies mean that the barriers between these are becoming ever-more blurred, allowing companies to follow opportunities across different markets.

“Since London is also a leader in digital technology, that makes it not just one of the largest cities in Europe but also one of the most flexible. It’s a winning combination.”

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