Ministers' last-minute delay to the City Plan 2040 has left a senior figure in the City of London Corporation "deeply disappointed" – sparking concerns that it could jeopardise £1.7 billion worth of investment and over 100,000 square metres of commercial space.
The decision requires further hearings on proposed tall buildings within the City Cluster, focusing on their impact on views of the Tower of London World Heritage Site.
Chris Hayward, Policy Chairman of the City of London Corporation, pointed out that this issue has already undergone extensive independent examination over a year ago. He warned that the delay risks undermining confidence among developers, investors, and businesses at a time when the government is aiming for economic growth.
The City Plan 2040 outlines the future development strategy for the financial district, which had been subject to years of consultation, scrutiny, and an independent review. Hayward stated that the Corporation and various stakeholders, including heritage organisations, presented comprehensive evidence and arguments during weeks of public hearings before independent inspectors.
Introducing uncertainty into the planning process could have significant economic repercussions, the Corporation warns. They estimate that if major schemes become unviable due to this delay, over 7,000 jobs could be at risk, generating approximately £1.2 billion in annual economic output and unlocking around £1.7 billion of investment.
Hayward highlighted that London's financial sector supports jobs and tax revenues across the UK, given its nationwide presence. He stressed that the Corporation believes economic growth and heritage conservation are not conflicting goals, citing the City Plan's core aim to balance these objectives with informed engagement from relevant bodies and heritage assessments.