London Economic Development Strategy

The Mayor of London, Sadiq Khan, has launched on 13 December 2017 his new Economic Development Strategy as a draft for consultation. This draft is open for discussion for three months until 13 March 2018. The Mayor is “keen for London to remain the best place to do business, but wants to put more emphasis on the general wellbeing, health and happiness of Londoners”. He invites Londoners and other informed stakeholders to tell him what they think of his plans.

His website at https://www.london.gov.uk includes a survey and discussion forums on

  • Would you like to be involved in the development of new technology?
  • How can technology be used to make London a better city to live in?
  • What sectors do you think are most important to London’s economy and why?
  • What do you think the risks are to London’s economy in the coming years?
  • What do businesses need to thrive in London? What are the challenges they face?
  • What do you think of the idea of having a Good Work Standard in London?
  • How able do you feel to achieve your career goals in London?

Unveiling his draft Economic Development Strategy at the Federation of Small Business’ Winter Reception, Sadiq Khan explained how he wants to build on his manifesto pledge to be London’s most pro-business Mayor ever, create an economy that delivers for everyone and leaves none of London’s communities behind. It also sets out measures to address the fact that although London is one of the richest cities in the world, the city is home to some of the poorest neighbourhoods in the country.

Innovative Solutions

He has also challenged tech start-ups and medium-sized businesses to develop innovative solutions that will help address some of the big issues facing London and Londoners – from inequality to air quality and the health challenges of an ageing population.  Using funding from the London Economic Action Partnership (LEAP), 15 companies will initially be selected to receive targeted business support with up to three of them receiving £15,000 to further develop their ideas. The Mayor will set out the exact terms of this initiative, known as the Mayor’s Civic Innovation Challenge, next year.

The overarching goal of the Mayor’s Economic Development Strategy is to boost competitiveness and create a business environment that is not only friendly – in terms of helping investment and growth – but also fair, where all companies play by the rules and where all Londoners stand to benefit.

By channelling investment into key areas, equipping Londoners with the skills, education and training they need to participate in the modern economy, and by investing in infrastructure and offering targeted support to certain sectors – such as tech, life-sciences, and the capital’s creative industries – the Mayor believes he can deliver on this vision at the same time as helping London’s businesses go from strength-to-strength.

Source: Mayor’s Website

Image source: City A. M.

London ranks first in GDP among UK top level territories, and is positioned at the 5×1 slot within the G8x8. In 2015, it achieved a GDP of 378.4 billion £ (507.1 billion $) and a share of 22.7 percent of the national total. Its GDP was slightly lower than that of Sweden.