Shravan Joshi on transforming the Square Mile into a seven-day city

Leon's latest guest on the Lunch with Leon podcast is Shravan Joshi MBE, re-elected Common Councilman for the City of London's Bishopsgate Ward and Chair of the Planning and Transportation Committee. In this insightful conversation, the pair explore how the Square Mile is evolving into a vibrant seven-day city with major transport innovations.

The episode opens with a discussion about the transformative pedestrianisation of Bank Junction, which began as a safety initiative following a fatality at what was once a complex five-arm junction. What started as "Safety at Bank" has evolved into something much more significant.

"It's no longer just a transit point," explains Joshi, describing how Bank Junction has become "effectively a piazza" with greenery and places to sit.

On the topic of safety, after a thorough review, the committee has voted to allow black cabs limited access through the east-west route later this year, while maintaining the pedestrian-friendly environment. "There's no intention to rip up any of that good work that's been done," Joshi assures.

The conversation shifts to the post-pandemic landscape of London's financial districts. While Canary Wharf is "going through reimagination" with a more residential-heavy mix and strong growth in life sciences, the City has become "more of a magnet" for financial services in recent years.

The Square Mile's skyline continues to evolve dramatically, with Joshi revealing impressive statistics: "We've probably got about half a million square metres in construction at the moment across the city, and another half a million square metres in the planning pipeline."

By 2040, the City of London plans to deliver 1.2 million square metres of office space, with about 85% in tall towers within the Eastern cluster. "The city skyline should evolve. It should not be a static thing," Joshi emphasises, noting that it reflects the vibrant, people-driven nature of the financial district. A significant focus for the City is creating accessible, inclusive environments for its 670,000 workers. Joshi highlights collaborations with technology providers like Google to help people navigate the organically-developed Square Mile, especially important for neurodivergent individuals.

Post-pandemic office spaces are also evolving beyond "banks and banks of desks" to include "spaces for community... for culture... for education" that create ecosystems encouraging diverse workforces. This aligns with what Joshi describes as the post-lockdown mantra of "the employer earning the commute." The conversation touches on the challenges of creating affordable transportation for young professionals. With 16 stations in the City, over 50 bus routes, and over 50 cycle routes, the Square Mile has an impressive density of public transport options. However, Joshi acknowledges the affordability challenge: "If the only place you can afford to live is zone seven, and you are starting your career, the daily commute is just completely unaffordable."

Surprisingly, Joshi reveals that over 95% of businesses registered in the Square Mile are SMEs, countering the perception that the City is dominated solely by large financial institutions. While the UK excels at innovation and initial funding for start-ups, Joshi identifies a critical gap: "Where we seem to fall down, more generally, is that sort of round of finance where they are headed towards IPO."

Many promising companies head to the US for growth funding, making it difficult to attract them back to the UK. This challenge has been recognised in the City's vision for economic growth, with recent pension reform initiatives aiming to "unlock some of that pension money that is idle at the moment" to support innovative high-growth companies.

The episode concludes with Joshi's personal reflections on how the City is transforming into a genuine seven-day destination. His family now regularly visits the Square Mile on weekends for leisure activities like the F1 Arcade, indoor golf, and shopping – experiences that would have been unthinkable before the implementation of the destination city policy.

To listen to the full Episode, visit here: