London Conference 2013: London’s Economy Mark Kleinman Director, Economic and Business Policy Greater London Authority

London’s economy – fundamental strengths Vast, global city economy Job growth of over 800,000 between 1996 and 2011; forecast of 850, International centre of trade and innovation Resilient, diverse economy Strong globally competitive position

London is a sought-after business location Attractiveness of London to business Lead Availability of qualified staff1111London Easy access to markets1111London Quality of telecommunications1111London External transport links1111London Cost of staff= Bucharest Climate for doing business3245Dublin Language spoken1111London Office space - value for money= Warsaw Internal transport1111London Availability of office space10=425Berlin Quality of life Barcelona Freedom from pollution25=252927Stockholm Source: European Cities Monitor, Cushman & Wakfield ( )

Firms can access a large volume of people who themselves are attracted to live and work in London. Source: TfL Number of residents accessible by public transport in 45 minutes

London’s deep assets: (1) Knowledge Economy

London’s deep assets: (2) Global Hub

London’s global assets: (3) Infrastructure

So there is a concentration of employment in London, particularly central London. Source: ONS (BRES) 2011 Number of people in employment per sq km, all sectors

London’s labour productivity GVA per hour worked index, London, 1996 – 2009, UK = 100 (Source: ONS/BIS 2010)

London’s employment (as well as population) is forecast to grow further Source: GLA Economics Working Paper 52, Workforce Jobs series (ONS), GLA Economics calculations

… particularly in the professional business services sector. Source: GLA Economics Working Paper 52, Workforce Jobs series (ONS), GLA Economics calculations

Mayor of London’s Policy Priorities Mayor’s 2020 Vision and the recommendations of London Finance Commission Economic diversification, especially linked to science, tech and world-class universities Next round of infrastructure – Crossrail 2, housing, cycling, airport capacity Expansion of Central Business District – Kings Cross, Battersea, Canary Wharf etc Links to Greater South East and the UK Economic opportunity: 250k apprenticeships target; 200k jobs from GLA investment; London Living Wage