Building Back a More Equitable and Sustainable London

In an era where some urbanists are predicting hollowed out commercial districts, racial displacement, and widespread disinvestment – declaring the end of cities as we know them – we aren’t so pessimistic. Bloomberg Associates is working with major cities like London, Chicago, New York, and Milan to map economically appealing centers for continued growth. See how your beloved city can do it, too.?

The challenges facing cities are being debated across the globe. From virtual work, zombie office towers, high housing, energy and food prices, unchecked inflation, declining business investment, retail apocalypse, to a healthcare crisis and rising inequality. This is a time of disruption, the like of which hasn’t been seen in our lifetime.?

Some urbanists have predicted hollowed out commercial districts, racialized displacement, declining city revenues, and the prospect of widespread disinvestment, declaring the end of cities as we knew them.?

We are not so pessimistic. Any student of cities knows their enduring value over centuries as social, cultural and innovation hubs. And open-minded reinvention is actively underway. ?

Bloomberg Associates is working in the trenches of global cities like London, Chicago, New York and Milan. Their civic leaders are grappling these challenges with bursts of dogged creativity to map more diverse, sustainable, and appealing centers.?

Some cities, like New York City, have commissioned future reports, with ambitious visions to challenge planning and zoning, and repurpose for the new era ahead. Central to these visions is an economic rebound, revenue revival and an urban life that offers greater equity, sustainability, and collective well-being. ?

We are seeing this reinvention well underway in London, where action began two years ago with the creation of a recovery board, and the launch of an all-hands-on-deck Anchor Institutions initiative. Core to the London Recovery Program is putting equity at the center – any recovery must improve the well-being of the most deprived residents and tap their potential by giving them access to greater economic and wealth creation opportunities.?

The magnitude of London’s ambition is remarkable. London’s largest institutions and employers are at the table with the mayor and borough councils to bring the power of their economic force to bear in generating this transformation.?

Today, the London Anchor Institutions Network celebrates its 2-year anniversary. 300 people from 16 anchor institutions will gather to deepen their efforts to develop life skills, improve wellbeing, build career pathways, and create business opportunities for London’s marginalized populations. These massive institutions are also making investments and radical changes to accelerate net zero campuses and infrastructure.?

Members of this network include powerhouses like NHS London, University of London, and the Metropolitan Police, and is expanding to engage private sector employers like London City Airport and Thames Water.? ?

The concept is simple – these are enormous institutions, grounded in London, which employ more than half a million people and spend tens of billions of pounds on goods and services. Why not focus that spending locally to raise economic opportunities and household wealth in the communities in which they are located? Why not work to awaken the potential of local young people, who will be tomorrow’s leaders? Why not develop and harness the local labor market to fill key public sector worker vacant positions.?

This is just what is happening. The Metropolitan Police, for example, has committed to purchasing 40% of goods and services locally, with 25% coming from local micro, small, diverse, and social enterprises. It is working with the London Chamber to engage suppliers, simplify terms and conditions, and break up contracts.?

We estimate that the anchor institutions could sustain up to 10% of the small businesses in London which might otherwise be at risk – thereby preserving the owners’ household wealth and supporting vibrant neighborhoods – by increasing their purchases from local, small, and diverse businesses by ~20%. And providing 100,000 mentors would ensure that every young person in need in the London has a quality mentoring relationship.?

The Network is a leading, international model of how cities are not being abandoned and, instead, are ensuring London is building back as a more equitable and sustainable city that can thrive well into the future.?

This article was co-authored by Bloomberg Associates Principal (and prior New York City Deputy Mayor of Health and Human Services) Linda Gibbs and & Bloomberg Associates Economic Development Lead Gordon Innes . To learn more about the ways Bloomberg Associates is working with city mayors and governments around the world to improve residents’ lives, visit https://associates.bloomberg.org/ .?