Dealing with the recession

Preparing London to hit the ground running

The UK economy is going through its longest recession since quarterly records began in 1950. London has survived better than some other parts of the country, with claimant unemployment in October 2009 at 4.8%, against a 5.1% national average. But things remain tough, with credit hard to get for both citizens and businesses, and the pressure on London's crucial small and medium-sized businesses is particularly severe.

The Mayor and the LDA face the conflicting challenges of providing support without spending money. Economic contraction strangles the tax base, while simultaneously increasing demands on public spending. The Mayor's Economic Recovery Action Plan aims to help resolve this contradiction, supporting those most in need and helping stimulate recovery while avoiding adding to the burden of businesses and individuals already under pressure.

Through good times and tough times, the Mayor will continue to invest in Londoners, particularly young Londoners. His Economic Recovery Action Plan focuses on tackling unemployment and building skills. Skills which London's young people need to support their continued participation in the economy, and equip them to hit the ground running when recovery comes.

Third Economic Recovery Action Plan