Long term economic plan for London announced by Chancellor and Mayor of London

20 Feb 2015 09:28 AM

Jobs, transport, housing and culture are at the heart of six point long term economic plan for London.

The Chancellor and Mayor of London recently set out their six-point long term economic plan for London showing what has been delivered, what is underway and what more can be done to make the city prosperous in the long term.

In a speech at the Tate Modern, the Chancellor and the Mayor set out the detailed plan alongside a number of visits in the capital.

The plan aims to:

  1. secure London’s strong economic future by setting the ambition to outpace the growth of New York, adding £6.4bn to the London economy by 2030. This is equivalent to £600 more per person if London’s productivity grows at the same pace projected for New York
  2. create over half a million extra jobs in London by 2020 by backing businesses, attracting world wide investment and continuing to raise standards in schools
  3. solve London’s acute housing problem, the number one challenge facing the city, by building over 400,000 new homes – including through a London Land Commission to identify and support development of brownfield and public sector land
  4. deliver £10 billion of new investment in London’s transport over the next Parliament including new tube improvements, better roads, more buses and cycle lanes and identifying the next big infrastructure investment after Crossrail
  5. make London a centre of the world’s creative and commercial life, with new investment in science, finance, technology and culture. This will include a new feasibility study to develop a world class concert hall for London which will be led by the Barbican Centre
  6. give more power to Londoners to control their city’s future, with new powers for the Mayor of London to support economic growth, boost skills in the capital and have more control over planning powers

There are no quick fixes to achieving these important goals, so the Chancellor and Mayor of London are also setting out a specific timetable to deliver the key concepts of this plan over the five years of the next parliament, and the following decade.

As important next steps in the plan for London, the Chancellor and Mayor announced a number of new specific measures to improve transport links, housing, skills and build further on the culture and history of the great city.

These include:

As both the Prime Minister and Chancellor have set out clearly, the only way for the UK’s recovery to be truly sustainable is for it to be truly national. While the challenge is significant, so is the prize ahead. By pursuing this plan, the Chancellor and Mayor of London aim to achieve real outcomes for the people of London who have already seen employment grow twice as quickly under this government as it did under the previous administration.

In his speech Chancellor of the Exchequer, George Osborne said:

“So this is our long term economic plan for London.

To grow our city and outpace New York.

To create over half a million new jobs.

Build over 400,000 new homes.

Provide £10 billion on new transport.

Back business and science and culture here.

Give a voice to people here.

And make London the greatest capital city on earth for the next generation of Londoners.”

The Mayor of London, Boris Johnson said recently:

“Top of my agenda is support for hardworking Londoners and today’s confirmation of plans to stimulate new jobs, major improvements to our transport systems, the opening up of new sites for housing, and moves to improve skills are all huge wins for our city. This will ensure London can thrive for decades to come, remain fit to spur the wider UK economy onto further success and primed to outperform our major competitors around the world.”

Timetable for Action – Implementation in London 2015-2030

2015:

Employment and productivity

Housing

Transport

Science, finance, technology and culture

2016:

Employment and productivity

Housing

Transport

Science, finance, technology and culture

2017:

Housing

Transport

Science, finance, technology and culture

2018:

Housing

Transport

2019:

Housing

Transport

2020:

Housing

Transport

2021-30:

Employment and productivity

Housing

Transport

Science, finance, technology and culture