The mayor of London, Sir Sadiq Khan, alongside London Councils, proposes a comprehensive London growth plan aimed at revitalizing the economy, which has seen stagnation post-Brexit and the pandemic. This initiative intends to create 150,000 high-quality jobs and boost productivity from 0.12% to 2% annually, resulting in an extra £27 billion in tax revenue for the Treasury. Key elements of the plan include industrial innovation corridors, rent-controlled housing for key workers, and improvements in public transport, thereby aiming to enhance the living standards for a significant portion of Londoners.
The London Growth Plan prioritizes increasing productivity growth to 2% annually until 2035, which is projected to generate an additional £27 billion in tax revenue.
Sir Sadiq Khan emphasized that the plans will ensure that 20% of Londoners with the lowest incomes will see a 20% improvement in their financial situation after housing costs.
The proposed growth initiative aims to harness sectors like AI, life sciences, and clean tech, presenting a key opportunity to enhance London's economic potential.
City Hall's Conservative representatives argue the mayor's economic approach has previously stifled ambition in London, viewing the growth projections with skepticism.
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