London: Opportunities and challenges Mark Kleinman Assistant Director for Economic and Business Policy

The Mayor’s approach to economic development Economic Development Strategy - a long term high level strategy London : World Capital of Business Improving London’s Competitiveness Transforming to a low carbon economy Extending economic opportunity Investing in London’s future

London’s economy : strengths  Vast, global city economy  Job growth of 800,000 between 1996 and 2008; another 750,000 projected to 2031 – 5.45 million in total.  International centre of trade and innovation  Resilient, diverse economy  Strong globally competitive position

London’s economy : challenges  Threats to competitiveness,  Worklessness and low skills  Maintaining quality of life

Opportunities for all Deprivation and worklessness Over 600,000 have no qualifications Perhaps 1m functionally illiterate Yet also Biggest concentration of highly skilled workers in Europe So we aim to close the employment rate gap between London and the national level

The Mayor’s aims Mayor’s Apprenticeships Campaign Target : over 20,000 this year across London 3,000 over 3 years from GLA Group London Living Wage Campaign To ensure all Londoners are paid a fair wage Ensuring the Work Programme ‘works’ for London Influence over national policy, including Universal Credit Use the GLA group procurement and purchasing power

Maximising the impact of government initiatives Enterprise Zones Royal Docks confirmed Local Enterprise Partnership Coordinated pan-London approach to enterprise and skills Tech City Initiative London the Digital Capital of Europe

Working together for growth in London Fewer resources but fiscal and financial competencies to do more Strengths and challenges well known EDS guides activity and sets framework London’s competitiveness not a given - tax, regulation, immigration

Next Steps Providing better information in a demand-led system, e.g. London Community Scorecard Ensuring the Work Programme delivers for London and delivers for Londoners Continue to champion the business benefits of apprenticeships Linking the ‘Victorian scale’ investment in London (Crossrail, Olympics, etc) to job opportunities and career progression for Londoners.

Thank you