CS5 - The impact of rebranding on a global city
What are the assets and challenges of a global city?

1. Positive effects
• A new economy
A major financial centre with 2 Central Business Districts : the City & the new Docklands => more economic power
A high-tech centre with creative and digital clusters => more innovation
• A better image
Media exposure with 2012 Olympics & re-imaging = worldwide fame & cultural influence
=> More visitors and revenues during and after the Games =>: more economic prosperity
• A cosmopolitan city
One-third of London's residents were born abroad => a cosmopolitan and multicultural city.
Main ethnic communities from the Commonwealth, with a majority from the Indian subcontinent (mainly Indians located in Outer London) and from the European Union (mainly Poland) residing in West London.
Cultural diversity => attracts foreign companies => more jobs => economic boost

2. But negative impact too
• A more polarised city:
In fact regeneration =>
- new high-skilled jobs and not enough low-skilled jobs for deprived locals => rising economic divide
+ (super)gentrification => housing crisis for the working and middle classes pushed from inner London => rising social divide => local multicultural protest & opposition to regeneration
• Shifting gentrification:
Affluent business people moved to West London inhabited by creative people who gave it its ’cool’ image but housing prices increased and creative people had to move to regenerated and re-imaged East London, in turn pushing out lower income groups, like a city-sized domino fall.
• Shifting deprivation:
London higher standard of living (less deprived & more gentrified).
But it’s due to a change in population and not because the deprived became wealthier. In fact, Inner London affluent newcomers caused a housing crisis and evicted lower and middle-class Londoners to Outer London.