Joseph Schwarzmann
Press Officer, Lent 2018
Email:
Cambridge, 21 September 2018
This House believes that London is Losing its Edge
Proposition 1:
James Wharton, a Conservative politician who was appointed Minister for the Northern Powerhouse by David Cameron, opened by stating that London will continue to be an influential hub for the United Kingdom in the future but that it is losing its edge. James continued by arguing that the nature of the economy is changing, both in terms of British exports and in terms of London’s housing market, which will mean young bright people will look elsewhere. He continued by stating that in an international standing it is finding new competitors that it never used to have, such as Dubai. He ended by stating it will continue to have cultural, financial and social success, but the edge it once had over its competitors, both external from the UK and internal to the UK has now started to dull.
‘A victim of its own success you may say, and I would argue that this is certainly the case’
Opposition 1:
Moya Greene, current CEO of Royal Mail and recently named Financial Times Person of the Year in 2014, opened by arguing that London’s history is proof of how it will continue to be at the cutting edge of the world. She continued by stating that the financial and legal industries are among if not the best in the world. Moya continued by arguing there is no Northern Powerhouse without a flourishing London, pointing out over 20% of national GDP is due to the city. Moya explained that its human capital is by far the best, with ethnic diversity rampant in London that only adds to company growth, shown by the fact 300 languages are spoken London schools. Moya continued that all new houses, businesses and all other buildings are recorded by Royal Mail, and they are aware of this growth and change. Kings Cross, for example, now includes the world’s biggest new tech headquarters, and 2000 new residents. She closed that London is constantly reinventing itself, trying new tricks and is the epitome of edgy.
‘All you have to do is get on the number 14 bus in London, its like a mini United Nations’
‘Name me a city that comes out fighting like London has, better than before’
Proposition 2:
Angus Groom, current secretary for the Cambridge Union and second-year Economics students at Trinity College, opened by stating that London re-inventing its edge, is changing the edge it already has. He continued that the economic centre of gravity is shifting, stating that it is floating Eastwards in the world. Angus explained that in Asia alone there will be 300 million more joining the middle classes, with these places building much bigger cities than London will ever be. Furthermore, in China there are more university graduates than we have people. Angus argued that the debate has not even considered the effects of climate change, which has a Thames barrier that has to be utilised huge amounts to save the city. Angus ended by stating the strategy in pursuit that has served London well for 150 years will not be as effective relatively to the other BRIC nations.
‘What London has done very well is sell to the rest of the world’
Opposition 2:
Mark Littlewood, Director-General of the Institute of the Economic Affairs, opened by stating that London is by far the most glorious edgiest city in the world. He explained that the poorest parts of London has a median wage higher than that of the majority of the rest of the United Kingdom. He continued by stating that its an economic and enterprise success story also, with the new middle classes in the global economy being a new window of opportunity for London. He highlighted its multi-cultural advantages in museum, bars, pubs and entertainment such as football. He finished by stating it is so vast and detailed that even over a lifetime you could barely become acquainted with it.
‘The housing market is testament to how desirable it is to live and work in London now’
Proposition 3:
Alasdair Donovan, the Union debating officer, opened by arguing the London housing market boom is because of external super-rich looking for investment rather than normal Londoners who want to live in London. He continued by stating that international globalisation may lead to relative decline internationally. He answer points of information by stating that it will lose its future edge, and that past supremacy does not necessitate future successes. Alasdair explained that in the 1990s German futures were only trained in London, but almost overnight it switched to Germany, showing that industries that we think will never change do in fact change. Touching on Brexit, he argued that the time we spend wasting on trying to retain the edge that already exists means it will lose the edge that it would gain by investing in the city, like its competitors are doing.
‘the services that used to be unique to London are going to disperse and move to other areas, which does mean that London is losing its edge’
Opposition 3:
James Palmer, a graduate from Queens’ College is the Chair and Senior Partner of international law firm Herbert Smith Freehills, opened by stating he wanted to empathise with the other side, as the argument of his side was so overwhelming. The idea that other places doing well meaning that London is losing its edge is something he cannot accept. This edge has survived the loss of empire and survived two world wars; he argued that its changing edge is something that makes its edge special and particular. James argued that London’s standing is the edge that was so important, and the only one that competes is New York, where house prices are also phenomenal. He argued that London’s history is all over the place, with the areas around London becoming more vibrant. James continued that despite protectionism, London performed all the biggest IPOs in China. He argued that its edge is to go through the short-term cycles that the proposition has spoken about already. He ended, that it would continue to be a global, adaptable city for many years to come.
‘This is not just about business and financial markets, its about global impact, openness and cultural diversity’