CILT corporate member, City of London Corporation has moved a step closer to formally adopting its new local plan for the Square Mile, known as 'City Plan 2040'.

The Corporation's Planning and Transportation Committee approved the plan last week. It will now go before the Policy and Resources Committee and Court of Common Council for consideration in the coming weeks.

If approved, City Plan 2040 would then be published for public consultation before being submitted to the Secretary of State for examination.

The plan sets out policies and priorities to guide the City's growth and development up to 2040. Key aims are to deliver over 1.2 million sqm of new office space, transform the city into a 7-day destination, and achieve a net zero carbon Square Mile by 2040.

Chairman of the City of London Corporation’s Planning and Transportation Committee, Shravan Joshi, said: “The City of London is like nowhere else on Earth. A global economic powerhouse, and an ancient city, a centre of collaboration and innovation for the hundreds of thousands of people who work here, as well as a destination for visitors and tourists who come to experience our unparalleled culture and heritage.

“The City of today has enormous strengths but, like all successful places, it needs to adapt, to change and to grow. The City Plan 2040 will help to shape the built environment in ways that rise to the challenges of our time while making the most of the many strengths of the Square Mile.”

City Plan 2040 has been in development for several years and has already gone through extensive consultation. A further public consultation will be launched in spring, allowing all stakeholders to give feedback.

The City Corporation said the local plan seeks to celebrate heritage while reshaping parts of the Square Mile with most potential for regeneration.

If approved after consultation and examination, City Plan 2040 will provide the framework to guide planning decisions in the City of London for the next two decades.