'We must continue to invest in ideas'

As funding cuts loom, people living and working in London will worry about how they will be affected. But as we wait for the collective body blow, I am concerned that science, arts and higher education – innovation and ideas - will take a disproportionate hit. Some think public funding in these areas will be facing cuts of up to 40% and many will think this is justified as the Treasury makes difficult choices.

And although it is unrealistic to ignore public opinion (politicians live and die by it), I have to ask what this will mean for London?

The capital has long been a magnet for talent and innovation across science and the arts, and arguably, we need this more than ever.

investment in science, the arts and universities has been key to London’s success over the centuries. Of course, not all investments pay off. Who knows if a scientist working in a laboratory will produce the next Viagra or Nobel Prize? Who knows if a musician trying to write songs will produce the next hit album or fade into obscurity?

But if we look back at the history of London, this great city has thrived upon the genius and hard work of its people. Take a few of the world’s greatest inventions and you will see how London has been a key link: the World Wide Web (Tim Berners-Lee studied in Wandsworth), pioneering heart surgery (under Sir Magdi Yacoub in Hillingdon), or even electricity (Michael Faraday was a Southwark boy). In the arts, we now have the most vibrant cultural landscape in the world, with more museums, theatres and live music venues than anywhere else. And we have 5 of the top 10 research universities located in the capital.

The history of London shows that an investment in ideas pays off in the long-term, not just for the city, or the country, but the entire world. Much of this success comes from a mix of private and public funding. In the arts in London, for instance, the government currently funds about a third of overall costs, with the remaining funds coming from box office income and sponsorship. We can’t simply presume that private sponsorship can expand to make up any future shortfall and there is only so much philanthropy one can hope for. London’s arts and science organisations are already very effective at fundraising but they can’t be expected to defy the laws of economic gravity in a prolonged downturn and private investment continues to decline as businesses deal with the effects of the recession.

I feel that this year, more than ever, we need Londoners to remember the pioneering spirit of the capital; of why new ideas are so important to the health and future of this great city. And we need to create an environment where ideas are encouraged, not a fear that having a good idea costs too much. This is why I am delighted that Story of London has returned for its second year taking place from the 1-10th October. Organised by the Mayor of London, in partnership with a range of organisations, including the Heritage Lottery Fund (HLF), English Heritage and Renaissance London, the ten day festival will celebrate the innovations in art and science that have made this city world renowned and will ask what our future holds.

With nearly one hundred events across the capital from big city centre venues to small community projects, the festival offers something for everyone, from family tours to academic debate. From the pioneering Victorian sewers under the Victoria Embankment, engineered by Joseph Bazalgette to how Jimi Hendrix turned music on its head during his formative London years, there’s plenty of inspiration on offer. You can even drink up the history of brewing at the Old Brewery in Greenwich (yes, you can sample the beer!). From walking and cycling to conversation and performance art, there’s a range of museums, galleries, archives, universities, libraries and organisations taking part – and many of the events are free.

And, in a special debate series at the British Library we are inviting Londoners to throw in their ideas for London’s future as they join a range of scientists, planners, artists and thinkers. Is the city growing too big too fast? What have bankers ever done for us and what can they do for the city in the future? Are we using new technologies enough? And what will be the legacy of the Olympics?

Come along, get involved and be inspired and who knows, you could have that amazing idea you always believed you had in you. Be part of a future London still known for great pioneers.

For more information about the Mayor's Story of London and events in your borough go to: http://www.london.gov.uk/priorities/art-culture/storyoflondon

Munira Mirza, director of arts and culture policy