London Growth Plan launched
Thursday 27 February marked the unveiling of the London Growth Plan, which sets out London’s ten year ambition for growth, and the actions that are needed to achieve this.
The primary focus of the Growth Plan, which is the result of months of consultation and engagement by London’s Deputy Mayor for Business and Growth and London Councils, is a mission led approach to add over £100bn to London’s economy over the next ten years. This includes restoring London’s productivity growth to 2% a year, creating over 150,000 high quality jobs, and ensuring all Londoners and the rest of the UK feel the benefit of this growth and the capital’s success.
South Bank Employers' Group's Chief Executive, Nic Durston, and Chair of the Board, Tom Sleigh, alongside several representatives from SBEG members and employers attended Thursday’s launch, alongside hundreds of other stakeholders from across London.
Five key growth sectors are identified in the plan:
Financial, professional, business services, and technology
Creative industries, including creative technologies
International education
Experience Economy (tourism, culture, leisure, hospitality)
Frontier innovation (includes medical technology)
As all five of these sectors are well represented in South Bank, the area is referenced throughout the document as being vital to London’s future growth. Our creative and experiential sectors are highlighted as both a globally significant creative cluster, and an internationally significant visitor location.
South Bank is also referenced as a hub for innovation, including the green innovation cluster at Sustainable Ventures, and the upcoming SC1 development around St. Thomas’ Hospital.
The Plan champions a strategic partnership model of business working alongside London wide and local government, which membership organisations and BIDs already embody by bringing stakeholders together to deliver tangible and positive change to their local area. In recognition of this, the Plan endorses the creation of more BIDs over the next ten years, as a model for improving places and encouraging visitors to spend more time and money in an area.
SBEG welcomes this recognition. In reflecting on the Growth Plan, Nic Durston has commented as such:
“It is clear that partnership and collaboration - between BIDs, local government (at all levels) business, property owners, investors, and community groups - will be key to successfully delivering growth.”
SBEG and the BID look forward to continue working with the teams at the Greater London Authority, London & Partners, London Councils, Lambeth Council, and Southwark Council to deliver this ambitious strategy and to ensure that the aims of the London Growth Plan delivers benefits for our levy payers, stakeholders and the wider community.
The London Growth Plan is available to read here.