Public Relations & Economic Development Sub-
8 June 2017
EDO Business Plan 2017-18
Director of Economic Development
Over the last year, the Economic Development Office has built on the Fraser Review
should contribute to and support the wider responsible business agenda in preparing
its business strategy as part of the Corporation’s wider work. The vision is to create
growth and inclusion for the City, London and the country so that the UK continues
as the world’s leading financial c
entre. This depends on cross Corporation working
and strategic partnerships with government and business.
Members are asked to approve the report.
1. A review was completed at the end of 2015 by Sir Simon Fraser, former
Permanent Under-Secretary at the Foreign and Commonwealth Office, into the
effectiveness of the City Corporation’s work to support and promote the UK
based financial and professional services industry. The review included over fifty
authorities. Its key conclusions were that the City Corporation’s work was
important, but required a clearer vision for the Corporation’s role, a stronger
strategic plan, and more effective strategic partnerships.
2. Following the approval in July 2016 by Members of the Policy and Resources
Development Office (EDO) and an uplift in resources provided. This has led to
the creation of three teams whose work is dedicated to the support and
promotion of UK-based financial and professional services: Policy & Innovation,
Regulatory Affairs and Global Exports & Investment.
3. The autumn of 2016 saw an intensive period of recruitment to appoint new
more ambitious work programme. The final structural change was the
appointment of a newly created position of Special Adviser for Asia. This position,
based on the successful model pioneered by the Special Representative to the
exports and investment between the UK and China, India and Singapore. This
process was completed in early 2017.
4. The Autumn of 2016 also saw a period in which we reassessed our work in
review was carried out to inform our RBSL strategy for 2017-2020 which is now
complete. It has identified four key priorities which support a thriving City. The
objective is to bring economic, employment, business ecosystem and social
inclusion benefits that flow out to all Londoners. It is based on the premise that
when Londoners are skilled and able to acc
ess the City’s employment
opportunities the City secures the talent that it needs to underpin its future
competitiveness. Developing a flourishing SME network provides a robust
support system for the cluster’s high value businesses. Cultivating trust in C
business, by putting genuinely positive practice and social inclusion at the heart
seen as a truly positive social force, reduces tensions between the public and the
industry, to make London a more attractive social and political, as well as
business, environment. The RBSL team has been reorganised to support the
work in these key areas.
5. Alongside the implementation of the new structures, a lot of work has been done
evelop EDO’s strategic objectives and business plan for the year ahead. This
work has been produced in partnership with Accenture, who have provided pro
bono support during the business planning process for 2017-18 to help us
prepare a business strategy that we can publish. The following document sets out
EDO’s strategic objectives and business plan as well as identifying the strategic
objectives for each of the teams within EDO, an executive summary of their work
programme for 2017-18 and the industry context in which they are operating. This
includes the RBSL and Research teams whose work ensures that that EDO can
provide an integrated offering on FRPS underpinned by our expertise in these
6. The EDO now has four core strategic objectives, where we are well placed to add
regulatory and economic environment and enable access to global markets.
Responsible business: to support business to adopt responsible and inclusive
Innovation hub: to ensure that London is home to a more innovative
investment to the UK and facilitate exports.
7. Finally, substantial progress has been made to review and enhance our strategic
Committee approved a revised membership agreement with TheCityUK, which
reduced the overall membership fee, but provided enhanced member benefits.
Separately, the Global Exports and Investment team has negotiated a
management of financial and professional services firms investing into London.
Assistant Director of Economic Development
020 7332 3644
1. EDO Top Level Business Plan
summarises the top line objectives and plans
2. EDO Business Strategy
communicates EDO’s five year strategy and Strategic