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Published byIsaac Watkins Modified over 9 years ago
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London Conference 2013: London’s Economy Mark Kleinman Director, Economic and Business Policy Greater London Authority
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London’s economy – fundamental strengths Vast, global city economy Job growth of over 800,000 between 1996 and 2011; forecast of 850,000 2011-2036 International centre of trade and innovation Resilient, diverse economy Strong globally competitive position
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London is a sought-after business location Attractiveness of London to business 20112010200920082011 Lead Availability of qualified staff1111London Easy access to markets1111London Quality of telecommunications1111London External transport links1111London Cost of staff=30292829Bucharest Climate for doing business3245Dublin Language spoken1111London Office space - value for money=24262324Warsaw Internal transport1111London Availability of office space10=425Berlin Quality of life10 1114Barcelona Freedom from pollution25=252927Stockholm Source: European Cities Monitor, Cushman & Wakfield (2008-2011)
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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
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London’s deep assets: (1) Knowledge Economy
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London’s deep assets: (2) Global Hub
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London’s global assets: (3) Infrastructure
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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
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London’s labour productivity GVA per hour worked index, London, 1996 – 2009, UK = 100 (Source: ONS/BIS 2010)
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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
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… particularly in the professional business services sector. Source: GLA Economics Working Paper 52, Workforce Jobs series (ONS), GLA Economics calculations
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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
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