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London Borough of Newham Creating Jobs and Enterprise

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Presentation on theme: "London Borough of Newham Creating Jobs and Enterprise"— Presentation transcript:

1 London Borough of Newham Creating Jobs and Enterprise
Jane Sherwood, Head of Economic Regeneration, London Borough of Newham London Employment and Skills Convention – 23 May 2011

2 Newham’s Vision A Place to Live, Work and Stay A New Part of London
A Strong and Innovative Economy Building Personal and Economic Capacity

3 Strategic location

4 Newham’s Unique Strengths
Scale Connectivity Energy History

5 The Challenges Newham’s business base is too small
Local economy is not aligned with key growth sectors Existing town centres are operating below their full potential Diagram The Number of Enterprises per 1,000 Residents (2009) – All rates calculated using GLA Population Projections for Enterprises are defined as businesses registered for either PAYE or VAT Data Source: ONS, IDBR (2009) Notes This slide illustrates the dearth of local business in the Borough. This lack of local business has a direct knock-on effect on the number of jobs in the Borough. Newham has just under half as many jobs per resident compared to London (0.4 jobs per resident in Newham compared to 0.81 jobs per resident in London.) Some positive signs are that business start-ups have been higher than London as a whole over the past four years but this rate will need to increase significantly if Newham is to achieve a similar level of enterprise to London. Total Number of Enterprises Newham: 5,030 (19.1 Enterprises per 1,000 residents) Host Boroughs: 35,935 (30.3 Enterprises per 1,000 residents) London: 339,180 (44.2 Enterprises per 1,000 residents)

6 Residents trapped in low skill economy
No qualifications London 12% Newham 20% Worklessness London 30% Newham 44% NVQ 3/A’s London 55% Newham 40% NVQ Level 4/degree London 40% Newham 26% Weekly Earnings London £629 Newham £453

7 The Economic Development Strategy
Three Key Goals Investment in the New Economy A Stronger Business Base More People into Work Enterprise Zone supports achievement of all three goals

8 Strategic Priorities Creating the conditions for investment
Developing the Newham offer for inward investors Achieving local benefit

9 Strategic Priorities Maximising the impact of employability services
Extending the reach of employability support and targeting the economically inactive Supporting parents into work to tackle child poverty Preparing young people better for the future Upskilling adults to enter and progress in work

10 Current Investment Plan and Programmes
The Olympics and Paralympic Games Metropolitan Stratford Canning Town and Custom House The Royal Docks – Enterprise Zone

11 Building the new Newham Economy
Business and Financial Services Retail Visitor Economy & Creative Industries Construction Education High-tech, Pharma, Green, Manufacturing The Knowledge Economy

12 Enterprise zone incentives
100% business rate discount worth up to £275,000 over a five year period for businesses A simplified planning processes Potential to negotiate additional tax breaks

13 Challenges to overcome
We need to ensure revenues collected in the zone are reinvested back in Newham via negotiation with the Mayor of London and the Greater London Authority Ensure any additional institutional architecture does not increase bureaucracy Ensure that jobs created are accessible to local residents

14 One solution - Workplace model
Multi Agency Seamless Service (one stop shop) Partnership Model Employer Led, Rapid Response High Volume, Target Driven Environment High Quality, “high street”

15 Offer to employers Free recruitment service Bespoke employer led
Vibrant, aspiring and diverse applicants Matching and screening to employer specifications Support with interview arrangements & venues Ongoing support post recruitment

16 Questions? Contact details Jane Sherwood,
Head of Economic Regeneration, Regeneration, Planning and Property London Borough of Newham Newham Dockside, 1000 Dockside Road, London  E16 2QU

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