Transcript London's Diverse Economy

London’s Diverse Economy and
the Mayor’s Economic
Development Strategy
Mark Kleinman
Assistant Director, Economic and
Business Policy,
Greater London Authority
London’s Economy
London’s economy –
fundamental strengths
• Vast, global city economy
• Job growth of 800,000 between 1996 and
2008; possibly another 750,000 by 2031 –
5.45 million in total.
• International centre of trade and innovation
• Resilient, diverse economy
• Strong globally competitive position
London’s economy –
potential threats
•Threats to competitiveness
• Worklessness and skills
• Responding to climate change
• Quality of Life
Cities and Growth
• Marshall, Krugman, etc. – agglomeration
economies
• Jane Jacobs – economic diversity
• Ed Glaeser - proximity
• The world is spiky or flat? Or both?
1991 Commuting Networks overlaid
on 3D map of in-commuting
The London (city region: Advanced Producer Services
(APS) information flows connect towns & cities at a
global ‘mega-city-region’ scale.
The proportion of working-age adults receiving out-of-work benefits by ward
Source: London’s poverty profile
The Mayor’s Role
The Mayor and Economic Development
• The Mayor has a general power to promote economic
development and wealth creation in Greater London (GLA
Act 1999)
• Localism Bill requires the Mayor to prepare and publish an
economic development strategy for London.
• Also provides for additional housing and regeneration
powers, including creating Mayoral Development
Corporations.
• The Mayor’s vision: London should be “the best big city
in the world”
• Revised Economic Development Strategy published May
2010
• Developed alongside the revised London Plan and
Transport Strategy
EDS: Key Themes
•London: World Capital of Business
•Improving London’s Competitiveness
•Transforming to a low-carbon economy
•Extending economic opportunity
•Investing in London’s future
•EDS is a long-term high-level strategy
How are we going to
•deliver?
EDS identifies actions, what the Mayor
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will do and what the Mayor will influence
GLA Group working with Partners
Mayor has key strategic and influencing
role
LDA folding in to GLA
Aligning resources of partners towards
the Mayor’s priorities
Implementation Plan
• Draft IP has been developed
• Structured around the actions stated in
the EDS
• Identifies sub-actions and either direct
delivery or influencing roles for the GLA
Group
• Identifies who we will work with
• To be published later in the year
Some key issues
• Maintaining economic diversity: finance and
business services; media/culture/creative;
digital/tech; many others
• Maintaining competitiveness: tax,
regulation, immigration,
• Economic opportunity: LLW,
apprenticeships, tackling worklessness, upskilling
• Changing national framework: demand-led
skills system, Single Work Programme,
Thank You
Any Questions?