As Chair of the City of London Chamber, I was honoured to attend a number of events at the Conservative party conference. In particular, the City of London Dinner brought insightful discussions on the future of the digital economy.

Chris Hayward, Policy Chair of the City of London Corporation, highlighted the critical role the City plays in fostering innovation and adapting to the digital age. He noted that the UK has a proud history of technological advancement, with the City of London at the heart of this narrative. The Bank of England continues to shape financial policy, while the tech sector, now representing 14% of the jobs in the Square Mile, is the fastest-growing industry in the area.

Hayward stressed the importance of embracing opportunities within the business economy, especially as 90% of banks have already committed resources towards AI initiatives, driving better customer experiences, improved risk management, and innovative product development. Citing significant projections—Amazon’s estimation that digital tech could add £520 billion to the UK economy by 2030, and Microsoft’s forecast of a £550 billion AI opportunity over the next decade—he underscored the immense potential for long-term, sustainable growth.

Following that, Sir Robert Buckland, the former Lord Chancellor and Secretary of State for Justice, addressed the importance of legislation in AI governance. He acknowledged the risks posed by AI and referenced California's legislative efforts to tackle these challenges. Sir Robert emphasised the need for global cooperation among legislators and advocated for a clear regulatory framework that supports foreign direct investment while maintaining responsible AI governance.

This discussion reinforced the City of London's steadfast commitment to driving innovation and ensuring the UK remains a leader in the digital economy.

Written by Alderman Prem Goyal OBE, Chair of City of London Chamber.