1. Projects for economic growth Jeremy Skinner Senior Manager, Economic and Business Policy, Greater London Authority

2. Source: FT Intelligence, 2010. Copyright The Financial Times Ltd 2010 (www.fdiintelligence.com)

4. London was second only to Shanghai in the value of FDI over the second half of the last decade Source: FT Intelligence, 2010. Copyright The Financial Times Ltd 2010 (www.fdiintelligence.com)

5. Transport

6. Population vs employment density – peak hour travel demand

9. Business

14. Regeneration

20. Other Infrastructure

23. Sources of finance 95% of taxes raised by the national exchequer Local government resources review Business rates – based on annual rental values Supplementary business rates – tied up in Crossrail Full devolution Retention Bonus Tax increment financing Community Infrastructure Levy – tied up in Crossrail too! But no income tax, sales tax, corporation tax, tourism tax, or localisation of stamp duty.

24. Conclusions London will grow with the world economy if it remains open The distribution of that growth will cause difficulties Many projects that will stimulate further economic growth are funded and in train But may be concerns about the long-term pipeline. Public sector financial reform insufficient for longer-term planning A more radical approach will be needed – TIF opens up the prospect of the public sector as well as the private sector harnessing global growth. But insufficient as a policy tool at the moment.

25. Thank You  Any Questions?

26. Housing supply

29. International Migration