This is an exciting time for London. We live and work in one of the most successful cities in the world. There is much that business in London can be proud of. At the same time, London faces some very real challenges.

The legacy of years of ineffective management and under-investment threatens to undermine our future. The demand pressures resulting from our economic success have outstripped the city's infrastructure. It is critically important that London does not rest laurels and take its current success for granted.

Just as any company needs to innovate and invest to remain competitive, so must London to ensure we remain competitive relative to other international cities.

During my term as Chairman of CBI London, I wish to focus on helping make London a more competitive place to do business. A successful, wealth-generating London is a national asset, good for the national economy as a whole. It has been, and must continue to be, a major driver of the economic growth and well-being of the entire UK.

To maintain and enhance that competitiveness will require greater resources—in terms of education, training, and infrastructure. This should not be at the expese of other regions, but rather an investment that recognises London's unique position in our national economy. We also need to ensure that these resources are deployed in a more efficient and effective manner than has been the case historically. The CBI in London is committed to working with all interested parties to make London more competitive and ensure that it is the best place in the world to do business.