The Mayor of London's Growth Plan aims to rejuvenate the city's economy by restoring an average productivity growth of two percent per year, potentially adding £107 billion by 2035. After experiencing a significant decline to 0.12 percent annually post-2008, this initiative includes creating 150,000 new jobs, enhancing industrial innovation corridors, and implementing support measures such as a £21 million fund for town center regeneration. Additionally, it proposes the launch of the London Tech and Inclusive Growth Fund to assist small and midsize enterprises, showcasing the mayor's ambition for economic revitalization.
The London Growth Plan envisions restoring productivity growth to an average of two percent annually over the next decade, aiming to add £107 billion to the economy by 2035.
Following the financial crash, London's productivity growth rate plummeted to just 0.12 percent a year between 2008 and 2022, significantly impeding economic progress.
The plan aims to create 150,000 new job opportunities while also investing in industrial innovation corridors, increasing pre-tax income for Londoners by £11,000 each.
With a £21 million investment from the UK Shared Prosperity Fund, there’s a goal to regenerate town centres, including the prospect of a publicly-owned High Street Estate Agency.
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