London is in danger of losing its status as an economic powerhouse and world-class city unless urgent action is taken.
A report says the city's leading position has been strained during the economic downturn and it was now facing a serious threat from international rivals.
It said that "inaction was not an option" and the capital's "wellbeing and security were not guaranteed". While the consequences of failing to support central London would be "catastrophic" for the whole country.
Now a coalition of London councils - Camden, City of London, Islington, Kensington and Chelsea, Lambeth, Southwark and Westminster - has vowed to fight back, focussing on transport, housing, tackling unemployment and improving infrastructure.
Central London Forward, which represents the seven councils, today said they would lobby the next government - regardless of which political party was in power - to ensure London retained its role and reputation as a major global city.
Figures show central London is home to over 116,000 businesses with some 2million jobs – 40% of the capital’s employment. It also contributed £2.7 billion in business rates alone in 2009/10 which is over 50% of the entire London contribution.
But the report - "The case for central London Central London: Building on its strengths, protecting its future" - warned this leading position was constantly being challenged by international competitors and was not sustainable unless there was continued support and investment from government.
Launched today, the report said the next government needed to work with councils to tackle unemployment, give them greater powers over housing to build new affordable homes and to also commit to major transport projects such as Crossrail and the Chelsea to Hackney line.
Ministers must also ensure the 2011 census is accurate so councils receive adequate funding for local services while public spaces and infrastructure must be improved.
The report said: "London needs to protect and promote its brand with urgency, efficiency and flair. This is key to its future strength and recovery potential.
"As more countries and cities meet similar business criteria, the playing field is levelling out. In this environment staying safe is dangerous. It is those who break from the pack and invest in their story that have the potential to succeed.
"There is no winning post in this race and cities need the assets of an athlete to succeed, the stamina to reinvent, the commitment to reinvest and the calibre to refresh. This is why the fittest will survive and it presents a unique opportunity for London to go for gold in the global place race."
Central London Forward chairman Cllr Colin Barrow, who is also leader of Westminster Council, said: "This is not a simple call for more money. We recognise the financial reality that we all face. Rather it is a call for the new government to work with us to make effective, innovative policy decisions to help protect and enhance the truly unique environment that is central London.
"We need government to work with us through challenging times. Without this focus on central London we risk not only jeopardising the performance of the country’s economic engine but also damaging our reputation as a great world city.
"We cannot turn our backs on the needs of our diverse communities and we must support those who are disadvantaged to fulfil their opportunities here."
Central London Forward was established in 2007 to promote the interests of the inner-London boroughs.
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