This Assembly notes that, in light of ongoing economic uncertainty as the UK experiences a double-dip recession, both the Mayor and the UK Government are threatening the UK’s economic recovery with austerity policies that have reduced aggregate demand in the economy and resulted in increased debt.
This Assembly notes that the Government’s and the Mayor's austerity policies - such as the proposed cuts to London's Fire Service - are economically unsound and are damaging the UK economy and the livelihoods of Londoners, as evidenced by the International Monetary Fund’s October 10 prediction that the UK economy will shrink by 0.4% in 2012.
While the Olympics created a temporary upswing in employment, this Assembly is concerned that the figure for long-term unemployment are at their highest for sixteen years, while youth unemployment in the UK hovers around 21%. Within London, the Mayor has destroyed the jobs of considerable numbers of highly committed public servants, with 1700 police officers and 1800 PCSO roles removed from the Metropolitan Police Service; and is threatening the livelihoods of firefighters through the planned cuts to the London Fire Brigade. The Mayor has also failed to address the fallout from economic policies that have resulted in almost a quarter of London’s young adults being left without work, which is considerably higher in some riot-hit communities such as Hackney, where 34% of 16–24 year olds are currently unemployed.
The Assembly therefore notes the missed opportunities for Legacy job creation highlighted by the BBC.
This Assembly wishes to express its support for the TUC march held recently on October 20 and supports the TUC call for the Government to adopt economic policies conducive to job creation in London. This Assembly also calls on the Mayor of London to honour his own manifesto commitments to job creation in the Olympic boroughs and beyond.