Unsupported browser

For a better experience please update your browser to its latest version.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

People

  • Comment

A pre-emptive strike by the millennium bug has crashed the room- booking computer and mangled the order for tea and biscuits. But the wait provides time to contemplate a fine crop of tower cranes from Judith Mayhew's office. They march across the skyline, raising multiple fingers to those who predict the death of the City as a world financial centre because of Britain's decision to remain outside European Monetary Union. But Mayhew, head of the City Corporation, is not complacent. She has been in Cannes this month, energetically selling the City to bankers and investors at mipim, the annual bash for the international property industry.

Sales pitches are not what you might expect from the head of a venerable institution that boasts a longer history than Parliament and is indelibly linked in outsiders' minds to Dick Whittington. She is no nursery-rhyme mayor, however. As with any local authority, the mayor wears the funny robes and the council leader does the business.

And there is a lot of business. The City Corporation pulls in £400 million of rates a year and controls the most valuable square mile in the world. It owns a good slice of it as well as controlling development. Mayhew has been in charge for a couple of years. 'I'm only just getting my feet under the table,' she says. Not that she has much time to sit at a table. Eighteen-hour days are normal when she also has to hold down a senior post at solicitor Wilde Sapte.

Much of that time is spent talking to the occupiers and developers generating those tower cranes. The Corporation has learned a lot since the last boom, when it leaned heavily towards conservation. It gained a reputation as anti-business, anti-development and antediluvian. Today, the pendulum has swung so far that Mayhew was consulting at mipim on the pending City development plan with companies that are not yet in the uk, let alone London. 'We are the first city to consult with the rest of the world about our future,' she said.

Some critics point out that such eagerness is a response to Canary Wharf sucking jobs out to Docklands. Mayhew dismisses this as yesterday's news. The high-profile battle between neighbours is over. 'They will provide the cheaper back-office space that we cannot,' she says.

The ban on towers to rival the Docklands giants, intimated by the City's refusal to sanction the planned Millennium Tower, is also inaccurate, she says. 'The tower was out of scale and unsuitable in that location. But there might be others.' She repeats 'might'. It is not worth stirring up false hope - or potential criticism. Building high is a problem in the web of sightlines protecting views of St Paul's. But it may not be impossible.

And the restrictions do not seem to have held back new building. Almost a million square feet were pre-let in the first half of last year, a vital driver when speculative development is no longer viable. This move to pre-letting has immeasurably improved the quality of buildings, Mayhew says. Occupiers get involved early and specify much higher standards. Wilde Sapte's own building, a tribute to Stanhope's Stuart Lipton in his prime, is a classic example of efficiency linked to good design. 'It's my favourite City building,' Mayhew says. This is why she spends so much time talking to occupiers about what they want. The planning committee makes individual decisions but a lot of advance work is done before plans ever reach this level. 'There is no longer a typical City building. Lawyers want something different from bankers,' she says.

The rise in quality strengthens the City's hand in the real battle to attract business. The main threats come not from Docklands but from rival financial centres like New York and Tokyo. Frankfurt is also coming up on the rails to challenge as capital of Euroland. Mayhew is also a member of the London Development Partnership, which will become a regional development body when the new mayor and assembly are formed. But this does not mean the Corporation is being sidelined. Under Old Labour, its future looked bleak. Only 5000 people live in the City, and most votes are cast under ancient rights by partners in City firms. Everything could have disappeared through merger with a neighbouring borough under a new London Authority and a mayor with draconian planning powers over any building over 200m2.

Instead, the government has swung in the other direction, backing a private Bill to extend business votes to companies. This will turn all those foreign banks which have colonised the City into Mayhew's constituents, so the mipim consultations may not be as strange as they first seem. The London mayor's powers have also been whittled away.

Cities have similar business districts in New Zealand, where Mayhew was born and educated, and Australia. She sees it as a vital weapon over rivals like New York, which is suffering because Manhattan has to compete with the overpowering demands of the rest of the metropolis.

In the meantime, she remains confident about raising a new crop of tower cranes. But she cannot relax. Transport is a vital factor influencing footloose financial giants, so the City continues to fight for CrossRail. 'It is not as bad as some make out, though,' she says. 'Have you ever tried to get into New York from the airport?'

  • Comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions.

Links may be included in your comments but HTML is not permitted.