Press Release

Mayor developing recovery plan for capital's economy
27-10-2008   552

Mayor of London Boris Johnson announced today that he and his team are developing an Economic Recovery Action Plan designed to support Londoners and businesses through the predicted economic hardship ahead.

Over the past few weeks, as the effects of the economic downturn have unfolded and concerns for the economy have grown, the Mayor and his Policy Director Anthony Browne have been consulting extensively with a range of business groups, small companies, finance houses and leading multinationals on measures that will help support the economy and Londoners, as well as preparing the capital for future economic upturn.

The Mayor has already confirmed several steps he is taking to support London, which include:

• Refocusing the London Development Agency's £400m budget towards promoting jobs, skills and economic growth;
• Investing £600m in training to give Londoners the skills they need to find and stay in work;
• Pushing ahead with over 50 major infrastructure projects, such as upgrades to the tube and Crossrail, to ensure that London remains globally competitive.

Under the plan, the Mayor aims to

• Deliver more affordable housing by removing the rigid top down rule that 50 per cent of all new homes built must be affordable making many developments economically unviable;
• Introducing a range of energy efficiency programmes to help businesses and Londoners cut their energy bills;
• Lobbying government to have a competitive tax regime to ensure London remains a global centre;
• Revamping the international promotion of London to ensure we remain a global magnet for tourism, business and talent.

However the Mayor’s plan will further consider a range of measures, including: bringing forward large scale infrastructure investment projects to help secure London jobs now; streamlining procurement procedures to make it easier for small companies to bid for GLA group work and paying them more quickly when they are successful contractors; and setting up schemes to help Londoners made unemployed in the downturn to find new jobs.

Commenting on the plan, the Mayor said:

“These are difficult times, but we must remember that London retains the many strengths that propelled it to becoming a world leader not just in financial services, but in media, fashion and high technology. Sitting back is not, and never was, an option and my team and I are redoubling our efforts to sell the benefits of London to the rest of the world.

'The Economic Recovery Action Plan, as we develop it over the coming months, will help the London economy and Londoners weather the storm, as well as prepare London for the eventual upturn. Although we might be in for a bumpy ride, if we handle this right, we can come out of the slump in a stronger position than before. London is the world’s greatest city, and I am determined it will remain so.”

The plan will be published before Christmas.

Terms and conditions

Accessibility

Privacy 

Freedom of information