London’s economy has proved “impressively resilient” in response to challenges such as Brexit, Covid-19, the war in Ukraine and the cost of living crisis, and is on track to remain in a strong position to 2030 – albeit in a weaker one than was hoped for five years ago, according to this analysis.

The research, by the Policy Institute at King’s College London and supported by the EC Business Improvement District, says greater devolution is needed to prevent a further decline in the capital’s standing and to establish a new settlement for London.

It recommends bringing London together with other major English cities in a “council of mayors”, which would be established with a statutory brief to draw up proposals for government on how this could be achieved.

The report argues the council should be chaired by the prime minister and made up of all elected mayors across England, to help reach a consensus on appropriate levels of devolution and to improve political support for London’s position in the UK economy as a whole.