At the Courtauld Gallery, visitors can explore Monet’s enchanting works in “London: Views of the Thames,” featuring the artist’s reflections on the city’s river as it transitioned from the 19th to the 20th century. The scene depicts a sun striving to pierce through London’s characteristic smog, while Waterloo Bridge suffers under the weight of morning traffic, and the South Bank is dotted with polluting factory smokestacks.

A century later, very little remains to hint at Monet’s southern perspective. Today, the sky is noticeably clearer, and the horse-drawn carriages and pedestrians of yesteryear have been replaced by bustling crowds of tourists. With its rich historical tapestry, London’s reputation as a playground for visitors seems secure, yet its commercial prospects are less certain.

Recently, the City of London Authority approved plans for a new skyscraper, 1 Undershaft, matching the Shard’s height of 306.9 meters. This approval signifies a revival in the financial sector’s traditional hub, the Square Mile, reversing the trends of the 1990s and early 2000s when companies migrated eastward to Canary Wharf. The shift appears to have been a fleeting phase, as businesses are now returning to the Thames’ western banks, reclaiming their historic spaces.

The appeal of EC postcodes can be partly attributed to their proximity to the West End, favored by high-profile clients of London’s investment professionals, including bankers, insurers, and lawyers. Names in private equity and hedge funds are attracted to the corporate prestige represented by Mayfair’s architecture and its upscale dining options. Unfortunately, the opening of the Elizabeth Line arrived too late to significantly benefit Canary Wharf by reducing travel times to Bond Street.

London’s history rooted in colonial trade and its strategic position on the prime meridian have historically conferred a commercial advantage. The trading hours align seamlessly; as Asian markets close, European markets open, and then American markets take over just as London traders discard their lunch remnants. Firms promising clients round-the-clock services often centralize their operations in London, underscoring the city’s critical role in global finance, particularly in shipping and commodity transactions.

However, cities like New York, Chicago, and Boston are increasingly taking slices out of London’s financial pie, evidenced by the dwindling number of listings on the London Stock Exchange. What would happen if the advantage of Greenwich Mean Time faded and the United States not only dominated the financial landscape but also dictated the timing of global trade? Would it lead to decisions being made in London merely awaiting US approval? The potential rise of India’s financial capabilities adds another layer to this competition.

Imagining London in 2025, future generations will likely be captivated by the historical skyline that preceded the towering structures of 2150. It is essential that urban planners sustain unobstructed vistas of St. Paul’s Cathedral, as its significance to the UK economy may only increase in the coming years.

In a world driven by decentralized blockchain technology, the physical location of businesses becomes less relevant. Ownership of companies often transcends traditional geographical limitations; anyone can hold a share in an investment fund that has stakes in a firm like SpaceX. Yet, a nation’s prosperity hinges on its ability to leverage the intellect of its populace and cultivate a thriving environment for innovation.

Currently, amidst the evolving landscape of London’s skyline, it’s difficult to envision that these architectural advancements symbolize the vibrant atmosphere necessary for future growth. Advocates for the city’s continued prominence must persist in challenging the bureaucratic obstacles that impede its progress towards retaining global relevance.

Ed Warner is a board member of various organizations and shares these views in a personal context.