Earlier this month, the City of London staged one of its most time-honoured traditions: the annual parade marking the inauguration of its new civic leader. But this year’s event was historic for more than its pageantry.
For the first time in 697 years, the Lord Mayor’s Show became the Lady Mayor’s Show, as Dame Susan Langley DBE took office under a title that signals both continuity and change.
The Lady Mayor’s pledge to “un-square the Square Mile” – to make the City more open, inclusive and innovative – could also not be more timely. If she is serious about modernising the mayoralty, then championing international education must be at the heart of her agenda.
Education as trade and investment
The City of London is not just a major global financial centre; it is a thoroughly international student city. As well as being home to the large multi-faculty institution of City St George’s, University of London, the City also boasts the Guildhall School of Music and Drama and has historic links to several prestigious further and higher education providers across the capital.
The overseas students that these institutions collectively attract feed a talent pipeline underpinning every sector of the City’s economy. According to research by the Higher Education Policy Institute (HEPI), just one year’s cohort of international students in the Cities of London and Westminster brings in £352 million of net benefits annually, equating to £2,940 per resident.
London’s businesses understand this importance. New research from London Higher shows 90% of firms in the capital say global graduates are essential for filling skills gaps and driving innovation, and more than half admit they would consider relocating if access to this talent were curtailed.
From financial services to tech companies and the creative industries, London’s employers value the language skills, cultural awareness and global networks that international graduates provide. These are the assets that give the Square Mile its competitive edge in a fiercely global marketplace.
Storm clouds ahead
However, these assets are under threat. Headwinds facing UK higher education are stiffening: financial pressures, rising operating costs and ongoing policy uncertainty around visas and an international fee levy are all working to lessen London’s overseas appeal. Universities are continually being asked to do more with less, while negative rhetoric around immigration risks deterring the very global talent that the City needs to thrive.
Universities are continually being asked to do more with less, while negative rhetoric around immigration risks deterring the very global talent that the City needs to thrive
Should the City of London’s higher education institutions start losing ground in the international education export market then the ripple effects will be felt far beyond their campuses – from student housing markets, restaurants and local coffee shops to the big city businesses that rely on a steady flow of skilled graduates with the nous to operate in a globally connected world.
Convening power
This is where the Lady Mayor’s convening power matters. Her role is not merely ceremonial. As the elected head of the City of London Corporation, she is a global ambassador for the UK’s financial and professional services sector, tasked with driving growth and innovation through diplomacy and engagement.
In an era when rival financial centres such as New York, Singapore and Dubai are doubling down on talent attraction, London cannot afford to be complacent. A modern mayoralty should see universities and colleges as strategic assets in the City’s success, not peripheral players around its financial prowess. Opening the doors of Mansion House for events that champion education as a cornerstone of competitiveness would send a powerful signal of support.
Advocacy for higher education is not a fringe issue. It is ultimately about future-proofing the City for the challenges that lie ahead. Higher education fuels innovation, entrepreneurship and cultural capital – all the qualities that the City prizes in its pursuit of growth and prosperity. Alumni of London’s institutions go on to become global decision-makers in a variety of sectors and industries and carry with them an affinity for the City that often translates into investment and influence later down the line.
A new narrative for growth
At a time when the City’s economy is crying out for high-level skills – and the UK government is doubling down on local responsiveness through a civic policy lens – the Square Mile has a golden opportunity to lead by example under its new Lady Mayor: forging partnerships between business and education, supporting pathways into high-demand sectors and amplifying the City of London’s message as a welcoming destination for learners and workers from all backgrounds – particularly women inspired by their new figurehead.
The Lady Mayor has said herself that, “The City is not about walls to keep people out, but about welcoming people in.” That ethos should extend to students as much as to investors because, if we fail to keep London open to global talent, we risk diminishing the City’s universities and weakening the very foundations of the Square Mile’s success.
The Lady Mayor’s tenure in Mansion House offers a chance for the City to reset its narrative and show that international education is a strategic lever for the City’s growth. By championing international students and forging stronger ties between academia and industry, the City can secure its place as the world’s most connected financial hub – thriving on openness, talent and ideas.
If the City of London wants to remain the beating heart of global commerce, then it must also be the beating heart of global learning.
