Agenda item

To consider a report of the Policy and Resources Committee concerning proposals to strengthen the City of London Corporation's support for and promotion of the City.

POLICY AND RESOURCES COMMITTEE

(Mark Boleat)

7 July 2016

Strengthening the City of London Corporation’s Support and Promotion of the City

The Court considered a report regarding the strengthening of the City of London Corporation’s support for and promotion of the City.

Following a review undertaken by Sir Simon Fraser of the effectiveness of the City Corporation’s promotion and representation of UK-based financial and related services, it was clear that an increasingly complex and competitive environment was bringing new opportunities and challenges. A compelling case had been made for the City Corporation to strengthen its promotional activities in three key areas, including the City’s ability to build future products and services, strengthening the regulatory frameworks and the promotion of exports and investment. The review also highlighted the need to enhance the City Corporation’s partnerships with business and government, and increase capacity and capability at officer level to deliver on the City Corporation’s ambitions.

To enable this work to be implemented, approval had been given to an increase in the relevant local risk budgets by £2.55m per year beginning in April 2017 to provide the requisite expertise and additional capacity, subject to the normal budget setting process for 2017/18.

The Committees that had considered the proposals exhibited a sense of agreement that this work should begin as soon as possible, especially due to the additional work that had been created in light of the recent referendum. Accordingly, it was recommended to the Court that approval be given for a budget increase of £1.7m in the current financial year, to be funded from City’s Cash reserves, thereby enabling work to be started at the earliest opportunity.

In response to a question from James Tumbridge, the Chief Commoner agreed that it would be helpful to update the register of Members’ areas of interest and expertise, in order that those with potentially beneficial knowledge in particular areas might be involved as aspects of this area of work were progressed.

Resolved – That approval be granted to an increase in the relevant local risk budgets of £1.7m for the the current financial year, funded from City’s Cash reserves, to enable work to start on strengthening the City of London Corporation’s support for and promotion of the City.