Sadiq Khan, London's mayor, unveiled a plan to inject over £100 billion into the city’s economy by 2035. This plan allocates millions in funds towards housing, transportation, training, and business support, aiming to restore productivity growth to pre-2008 levels. It includes significant investments, such as £300 million for local skills initiatives expected to create over 150,000 jobs while focusing on fair wages. The strategy also outlines vital upgrades to public transport. Achieving the targeted productivity growth of 2% yearly will significantly enhance living standards and generate additional tax revenue for the government.
Sadiq Khan has announced a growth plan targeting an increase of over £100 billion to London's economy by 2035, focusing on productivity, housing, and jobs.
The plan includes £300 million in government skills funding aimed at creating 150,000 jobs, emphasizing fair pay and good work post-election.
Khan's ambition is to increase London's productivity growth to an average of 2% annually from 2025 to 2035, a significant recovery from previous years.
Achieving the £107 billion goal could result in an additional £11,000 for each of London's nearly 9 million residents, also boosting Treasury tax revenues.
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