One of the most powerful jobs in the Square Mile will come up for grabs next year when Catherine McGuinness steps down as chair of the City of London Corporation’s policy and resources committee.

Sky News understands that Chris Hayward, the committee’s deputy chair, is expected to succeed Ms McGuinness in the role following an election to be held next May.

The leadership transition, which will come at the end of Ms McGuinness’ five-year term, will come at a crucial time for London as a financial centre, as the Corporation attempts to drive a sustainable post-pandemic recovery.

Mr Hayward, an experienced figure in the property industry, is said by senior City figures to be the likeliest successor to Ms McGuinness.

The policy and resources committee plays a crucial role in shaping the Corporation’s approach to the City’s powerhouse industry of financial and professional services.

Its chair is one of the most visible advocates for those industries, and plays an important role in promoting the City internationally.

According to a post-COVID recovery plan it published this year, the committee wants the City to be a bigger engine of growth in areas such as green finance and the creative industries.

M&S hails turnaround as it returns to profit but sees supply chain and labour cost strains ahead

Bitter taste for Wetherspoons as cautious older customers stay away due to COVID-19

Mass legal action against Google blocked by Supreme Court

The City was especially badly hit by the pandemic because of the proportion of people who commute there to work during the week.

Future flexible working practices are likely to have a permanent impact on its daily population, although there are hopes among officials that the long-term effect can be mitigated through initiatives to improve the area’s hospitality and cultural offerings.

The City of London Corporation has been contacted for comment.

Related posts:

Aprirose races to find buyer for COVID-hit QHotels Couture fashion brand Ralph & Russo defers staff payments Broadband giant CityFibre to sell stake to new investor Roblox shares rocket as it lists on Wall Street – but can the popular platform turn a profit? Rolls-Royce blames ‘severe impact’ of COVID as it dives to £4bn loss Hundreds of jobs saved as Liberty Steel secures £50m cash injection EasyJet warns of pre-tax loss of up to £1.18bn due to COVID-19 pandemic Have you bought your Christmas pudding yet? Half a million of them have already been sold Gymshark founder and bankers limber up for stock market debut How do you make air travel greener? This Rolls-Royce pledge is a big part of the answer FTSE 100 hits 18-month high as it shrugs off supply chain and inflation worries Economic growth slows, greener airlines and China’s ‘Singles Day’