IT is no fluke that Britain’s young, creative businesses are concentrated in London. Two out of three international advertising agencies have their European headquarters in the capital. It is the home of one of the largest film centres in the world, some of the largest and most important fashion schools, design schools, stage schools and post-production centres, not to mention the growing number of web design and digital specialists that are spreading over the capital.

All too often the business press dismiss the creative industries, but the reality is that this sector is an economic powerhouse that contributes £59.2bn to the UK economy and provides 2.3m jobs. I believe we should celebrate the wealth of world-class creative talent that can be found in the capital, recognise the entrepreneurial wealth-creating potential that this sector of the economy has to offer. So how did London become such a global mecca for innovation? From the off, it has an unfair advantage due to the fact that the majority of the world’s media is English speaking, meaning that this country has always been able to punch above its weight worldwide.

Additionally, London has a time-zone advantage because it is the most centralised global city. The UK’s international sensibilities mean that it is not hampered by the lack of perspective the US can sometimes exhibit.

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