London remains the most attractive economic powerhouse for businesses and people in Europe, says a benchmark report. According to a new Economist Intelligence Unit (EIU) and Citi study, entitled Hot Spots 2025: Benchmarking the Future Competitiveness of Cities, London holds the title as Europe's most competitive city and leading financial centre. London missed out on poll position in the global rankings, beaten only by US' New York. Singapore ranked third, while Hong Kong, Tokyo, Sydney and Paris followed closely behind.
"London's outstanding ability to attract capital, new business, talent and visitors should ensure that it retains its place as the second most competitive city in the world in 2025. The question now for London is what does it take to be the most competitive city in the world? " said Maurice Thompson, Head of Citi in the UK. "London also has to be ready to compete against the fast-growing emerging market cities, many of which are showing very impressive improvements to their competitiveness.
"Young Londoners will be part of the next generation of highly skilled workers required to compete on a global scale. There is more work to be done to ensure our city remains attractive to foreign investors and continues to provide the right tools to enable UK business to thrive." London's population is projected to rise from 14.4 million in 2025, from currently 8.6 million. The report says that quality education and healthcare remains one of the city's major draws and a top priority for those who live and work in London.
Notably, the report reveals that London is joint first in terms of its financial maturity and global appeal and that the London 2012 Olympics majorly helped to improve public transport infrastructure. The Office of National Statistics data shows that the level of unemployment in London has also fallen to its lowest rate for four years. In March, the ONS revealed that the capital has weathered much of the financial crisis and the robust economy continues to generate tens of thousands of jobs.