London Mayor Sir Sadiq Khan has said June will be the biggest-ever month for business and investment in London, with US business uncertainty providing a golden opportunity for growth.
The next month will see four major international business events—SXSW London, 2025 Concordia Europe Summit, London Tech Week, and London Climate Action Week— hosted in the city, which the mayor said cements the city’s reputation as a global powerhouse.
Thanks to businesses being more uncertain over US investment due the political climate and recent economic deals the UK has struck with India and the EU, “there has never been a better time to invest in the capital”, Khan said.
“The political climate causing uncertainty for businesses in the US and our Government’s success in forging new deals with our biggest trading partners now provides a huge opportunity for our pro-growth, pro investment capital city.”
Khan announced that London & Partners, the Mayor’s growth agency for London, generated £484 million for the city’s economy, with an additional £134 million achieved through international businesses expanding into London.
“London is the best city for business in the world – an economic and cultural powerhouse bristling with creativity, innovation and enterprise,” Khan said.
“We are the engine of the UK economy – the top destination in Europe for inward investment, and a top two global financial centre.”
London & Partners CEO Laura Citron noted despite global competition is getting tougher, the agency has generated significant growth in the London economy.
“Last year, we directly helped London companies to win nearly half a billion pounds of new international deals. And we landed over 100 international tech companies – many of which wouldn’t have picked London without us,” Citron said.
“For every £1 of public investment into our organisation, we generate £27 in the London economy. But more importantly, we’re unlocking good growth for London and for Londoners.”
London mayor backs cannabis report
Sadiq Khan recently made headlines by backing the finding of an independent commission which recommended relaxing laws against the possession of cannabis.
On Wednesday 28 May, Khan said the independent London drugs commission report makes a compelling case for the decriminalisation of possession of small quantities of natural cannabis, noting that the UK needs “fresh thinking” on how to handle drug-related offences.
“[The report] also says that the current sentencing for those caught in possession of natural cannabis cannot be justified given its relative harm and people’s experience of the justice system. Better education, improved healthcare and more effective, equitable policing of cannabis use are long overdue,” he said.
Amongst the conclusions reached by the report were findings that the classification of cannabis as a Class B drug is disproportionate to the harms it poses, that policing focuses on particular ethnic communities, and that more provision should be made to address the addictive nature of cannabis.
It is important to note that while the Mayor supports the recommendations of the report, he is not empowered to change drug laws.
That power lies with the UK government, and Deputy Prime Minister Angela Rayner has quickly ruled out changing the law to decriminalise possession of the drug.
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