By Michael Mainelli
The benefits of fostering connections in the City go far beyond the Square Mile, writes new Lord Mayor of the City of London Michael Mainelli
The Square Mile is surrounded by 40 learned societies, 70 higher education institutions, 130 research institutes, and over 24,000 businesses – with more than 300 languages spoken. A place built on the rule of law, with an enabling regulatory environment, access to incredible talent and skills, and unparalleled global connections – it’s truly a city like no other.
While the City is known for its leadership in financial and professional services, we’re also the biggest centre for tech in the country with a workforce that includes scientists, engineers and technicians, as well as bankers, insurers and lawyers.
Therefore my aim in office, what’s known as a mayoral theme to those in the City of London Corporation, is the idea of connecting to prosper. I will focus on how the City can be the world’s coffee house: leveraging the power of positive connections to tackle global challenges like poor mental health and climate change, and improving people’s lives.
We are shining a spotlight on these and other areas of strength – what I think of as the Square Mile’s “knowledge miles” – by hosting an online lecture series with expert talks from City figures on topics like artificial intelligence. We’ll also encourage leading thinkers to make new connections through in-person networking sessions at Mansion House.
My aim will look to provide a gateway for London to be a leader in the fast emerging sectors of the future. Life sciences for example is currently one of the UK’s most successful sectors worth over £94bn to the UK economy in 2021, a nine per cent increase on the year before.
With the number of leading investors and real estate experts in the Square Mile, the City Corporation can convene thought leaders to tackle key issues facing the sector – investment and design complexity of life science buildings to name a few.
This will see the City of London play a defined role in shaping the UK’s Life Science Vision – an objective central to government plans for the UK to be a science superpower.
Another sector is artificial intelligence. Just a few weeks ago, the UK held the first AI Safety Summit in Bletchley Park attended by world leaders and tech giants from X and Meta. London has long been Europe’s home of AI; University College London has its AI lab in the capital while Google’s Deepmind is based in
King’s Cross.
As part of my time as Mayor, I am delivering the Lord Mayor’s Ethical AI Initiative – a new scheme providing ethics courses for those working in AI starting with hundreds of students in over 100 registered financial firms. As AI grows London will see a significant increase in AI use therefore it’s integral that the innovation coming out of this space is coupled with agile and clear regulation and guidance.
Alongside my theme, I will also continue the tradition of the Lord Mayor’s Appeal with this year’s charity partner MQ Mental Health Research. The charity, along with Oxford University and the Wellcome Trust, has launched GALENOS, an open access repository of scientific papers which it is hoped will speed up mental health research by two to three years.
The common pattern of all this activity? Seeing how we can prosper through the power of positive connections.
That’s something the City has done well since the days when academics, artists and intellectuals would meet in coffee houses to discuss solutions to the issues of the day – and now more than ever we are needed not just as a financial centre but a solutions centre.
