London’s Square Mile is a force to be recknoned with — and it’s all set to make the capital’s jobs market fly. reveals what the future holds

There is no denying that London is an economic powerhouse. In fact, it’s been crownedd the number one centre for business, commerce and culture in the world, according to PwC’s Cities of Opportunity Index.

This annual study, which ranks 30 major citiess on indicators, including easese of doing business, reputationon as a city getaway and innovation, awarded London the top spot ahead of Singapore, Toronto, Paris and Amsterdam.

It scored particularly highly for economic clout — which includes measures such as GDP growth, andd financial and business services employment — where it comfortablybly beat rivals New York, Beijing and

San Francisco.

While the impact of the UK’s decision to leave the European

Union remains to be seen, David Snell, a PwC partner in London, insists it has the ability to benefit from a continued demand for financial services.

“The sector accounts for 8 per centnt of total UK economic activity and directly employs 1.1 million peoplee — around 3.6 per cent of the total UK workforce, generating income, investment and exports,” he says.

The capital’s position at the top doesn’t come as a surprise to Adrianan Lowcock, investment director of fund management company

Architas, who insists it has the expertise in legal, accountancy and other professions needed to attract top companies.

He points out that the London Stockock Exchange, which is home to some of the world’s biggest companies, is open when both the New York market and key Asian markets open,n which puts it in an enviable position in global financial affairs.

“London remains ideally positioned to continue its leading role as a financial centre,” he says. “It acts as a bridge between the US and Asian markets, because of the time differences, and has the resources needed to support global financial organisations.”

Of course, a key component of the capital’s economy is the City of London — the Square Mile — the longestablished financial district that generates £45 billion in economic output, as measured by Gross Value Added. This area — the oldest continuous municipal democracy in the world, predating Parliament — is home to an array of professional services providing employment for highly-skilled workers.

And its prospects look bright, according to a report compiled by the City of London Corporation, BUSINESSES in the capital are more upbeat about the future, according to The Confederation of British Industry’s latest London Business Survey, which reveals firms are starting to feel more positive after a turbulent 2016.

The study found that just under a fifth (19 per cent) were more optimistic about the economy over the next six months, compared with only 4 per cent feeling that way six months ago — the lowest level recorded since the survey began in 2008.

Despite the increasingly volatile political environment, including the ongoing uncertainty surrounding Brexit and Donald Trump’s victory in the US Presidential election, London’s businesses are displaying resilience. A key positive is more than half (54 per cent) of businesses plan to maintain their current investment in the capital, while just over a quarter (26 per cent) have cited their intention to increase such plans in the future.

However, there are some worries. Uncertainty over the UK’s role in Europe has consecutively been highlighted as the most pressing issue for firms over the past three surveys. In fact, 71 per cent rank it as their number one concern.

Elsewhere, 60 per cent flag price increases and inflation — in the wake of sterling’s sharp depreciation — as a worry, while retaining our best people (52 per cent), regulatory pressures (38 per cent) and reduced consumer demand

(36 per cent) were also identified.