The new ‘special relationship’: between London and New York

Michael Bloomberg

24 May 2008

Michael Bloomberg, the Mayor of New York, unveils his new partnership with Boris, and their plans to forge a transatlantic alliance between the two greatest cities on earth to promote state-of-the-art public policy, cultural links and economic prosperity

As the flow of capital and labour becomes ever more fluid, cities are competing like never before to offer the safest streets, the fastest mass transit, the greenest parks, and the most exciting nightclubs, theatres, museums and galleries. New York and London still retain substantial advantages in these areas in comparison to other financial capitals, but as those other cities work to catch up, they will become increasingly attractive places for multinational companies to invest. That is why it is critical for New York and London not only to continue improving the social conditions that attract talent, but also the economic conditions that companies consider when making investment decisions.

It has become a popular parlour game to debate which city, New York or London, deserves the title of the financial capital of the world. And while that can be great fun (We have deeper liquidity! No, we do!), it misses a far more important point: the global financial dominance of New York and London is under attack by emerging financial capitals in the Middle and Far East. The long-term question for New York and London is whether we can maintain the transatlantic corridor as the principal home for financial services companies, or whether cities like Dubai, Mumbai and Shanghai will be able to build the critical mass that will undermine our pre-eminence.

Here again, New York and London have a shared interest not only in learning from one another, but in working closely together to create mutually advantageous market conditions. That is why I recently extended an offer both to Boris and to Stuart Fraser, the new policy and resources chairman at the City of London Corporation: in a few months, after they have both had time to settle into their jobs, I will return to London for a jointly organised conference that examines areas where we can collaborate to strengthen the long-term vitality of the New York–London corridor. These areas might include improving the ease and experience of business travel between our two cities; moving towards more common operational and regulatory standards in financial services; and harmonising and reducing business licensing costs. I’m pleased to announce that Stuart Fraser, along with Boris, has agreed to host the conference.

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Martin Morrow

May 22nd, 2008 6:02pm Report this comment

Methinks Bloomberg has an inflated opinion of himself.
He has traded away much of the structure and policy put in place by his worthy predecessor. His moralizing is worse than Nu Labour's and he thinks, because he has made a lot of money, that he knows best.
He doesn't.
New York will pay dearly for his egotism.

Water

May 22nd, 2008 6:25pm Report this comment

"no two cities combine such staggeringly rich and diverse economic and cultural opportunities as New York and London." Now this is certainly true and it will be interesting to see what comes out of this relationship.

peter adler

May 24th, 2008 8:42am Report this comment

Hi Martin Morrow,
I would suggest you give us some arguments for your invectives. Do you live in NYC? Please give us some first-hand info!

Robera McLaren

May 24th, 2008 5:24pm Report this comment

Well that's Boris off to a good start isn't it. First stop, brown nose the Yankee Doodle Dandies. Or is it a case of 'Birds of a feather...?'
Isn't it about time for someone to point out to the US that they are the Fat Owl of the Remove?
Shame about Boris really. Should have stuck to the HIGNFY job while it was going.

Sandeep M

May 24th, 2008 5:43pm Report this comment

Firstly, I thought Mr. Bloomberg made some excellent points about the future of New York and London as cities, and how this future depends on increasing their collaboration, sharing the best ideas and making it easier for their citizens to travel and share cultural experiences across the "pond".

Mr. Bloomberg speaks, thinks and writes likes a professional not a politician and that is why he is so refreshing to read. His emphasis on accountability, transparency, public input and clear communication in government is something that all politicians could learn from.

GK

May 27th, 2008 3:41pm Report this comment

the two greatest cities in the world: Not according to the Fuehrer. He was always referring
to Paris and Vienna as world class cities. Berlin, he would say, was a big city but not a world class city (hence, he wanted to make it using Speer, but war intervened). London in the '70s looked like Bulgaria and only Arabs seemed to have money to keep casinos going.
In the '80s things started to change and I was told by an economics professor that London was the biggest finance centre of the world. But surely, the
Fuehrer had architectural issues
in mind when he was making the comparison.

peter adler

May 28th, 2008 11:21pm Report this comment

Robera McL and Martin M can form a club - "We who dislike Boris Johnson and Michael Bloomberg, but have no arguments just a lot of vacuous nasty words".

James Robinson

May 30th, 2008 10:03pm Report this comment

Bloomberg sounds about fifty times cleverer than anyone in the depressing camp known as New Labour. Sounds like a smashing ally and mentor for Boris. Let's just hope that big oaf Brown bumbles off back to nowhereville from whence he came before he bankrupts the country. Boris and Cameron - what a welcome change that will be!

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