London seen as 'evil fairy godmother' - Lord Mayor

Nicholas Lyons says the capital needs "levelling up" as much as anywhere else

London is being wrongly portrayed as a "villain" damaging the economic progress of the rest of the UK, the new Lord Mayor of the City of London says.

Nicholas Lyons says it is one of the most unequal places in the UK and needs "levelling up" as much as anywhere.

London warrants investment and support to sustain its "huge contribution" to the UK's prosperity, he argues.

The government says the capital "has received more than £250m through various levelling-up funds".

The capital is seen as "sucking the life and wealth out of regions like an evil fairy godmother", he believes.

Mr Lyons, who wants anti-London rhetoric to stop, will tell an annual London government dinner later of his concerns about policies he perceives to be punishing the capital.

He will say: "For too long, London has been cast as the villain in our national story."

The City of London is the UK's financial capital

His speech could be seen as an unusually critical and assertive intervention by the City of London Corporation, the governing body for the Square Mile.

The Lord Mayor will argue the taxation raised in London is crucial for the UK and investment in London generates jobs and contracts throughout the country.

"With a strong London presence and fast-growing clusters across the UK, the financial and professional services sector (FPS) I represent is a significant driver of jobs and prosperity," he is due to say.

"In the decade to 2020, all UK regions and nations saw the value of their FPS output grow by between 15% and 49% and today two-thirds of the 2.3m people who work in the UK FPS sector are based outside of London."

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City Hall and London councils have argued that under the Conservative government led by Boris Johnson, the capital was denied sufficient investment in areas like transport and missed out on grant funding for regeneration geared more to benefit the Midlands and the North.

Mr Lyons will say on Thursday night that a strong financial sector in London will help not hinder the levelling-up process.

"Those of us working in London government must continue to speak out for what our capital needs," he will add, "to ensure levelling up doesn't leave London behind and to create the conditions that will allow the City to drive investment and growth for the whole UK."

A spokesperson for the Department for Levelling Up, Housing and Communities said: "The government's central mission is to level-up every part of the United Kingdom by spreading opportunity, empowering local leaders and improving public services.

"London has received more than £250m through various levelling-up funds to benefit community projects across the region."

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