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London Conference 2013: London’s Economy. Mark Kleinman Director, Economic and Business Policy Greater London Authority . London’s economy – fundamental strengths. Vast, global city economy Job growth of over 800,000 between 1996 and 2011; forecast of 850,000 2011-2036 - PowerPoint PPT Presentation
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London Conference 2013:
London’s EconomyMark Kleinman Director, Economic and Business PolicyGreater London Authority
London’s economy – fundamental strengths• Vast, global city economy• Job growth of over 800,000 between
1996 and 2011; forecast of 850,000 2011-2036
• International centre of trade and innovation
• Resilient, diverse economy• Strong globally competitive position
London is a sought-after business location
Attractiveness of London to business 2011 2010 2009 2008 2011 Lead
Availability of qualified staff 1 1 1 1 London
Easy access to markets 1 1 1 1 London
Quality of telecommunications 1 1 1 1 London
External transport links 1 1 1 1 London
Cost of staff =30 29 28 29 Bucharest
Climate for doing business 3 2 4 5 Dublin
Language spoken 1 1 1 1 London
Office space - value for money =24 26 23 24 Warsaw
Internal transport 1 1 1 1 London
Availability of office space 10 =4 2 5 Berlin
Quality of life 10 10 11 14 Barcelona
Freedom from pollution 25 =25 29 27 StockholmSource: European Cities Monitor, Cushman & Wakfield (2008-2011)
Firms can access a large volume of people who themselves are attracted to live and work in London.
Source: TfL
Number of residents accessible by public transport in 45 minutes
London’s deep assets: (1) Knowledge Economy
London’s deep assets:(2) Global Hub
London’s global assets:(3) Infrastructure
So there is a concentration of employment in London, particularly central London.
Source: ONS (BRES) 2011
Number of people in employment per sq km, all sectors
London’s labour productivity
115
120
125
130
135
140
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Inde
x UK
= 100
London
GVA per hour worked index, London, 1996 – 2009, UK = 100 (Source: ONS/BIS 2010)
London’s employment (as well as population) is forecast to grow further
Source: GLA Economics Working Paper 52, Workforce Jobs series (ONS), GLA Economics calculations
0
1000
2000
3000
4000
5000
6000
7000
1984
1988
1992
1996
2000
2004
2008
2012
2016
2020
2024
2028
2032
2036
000s
HistoricProjected
… particularly in the professional business services sector.
Source: GLA Economics Working Paper 52, Workforce Jobs series (ONS), GLA Economics calculations
0
200
400
600
800
1000
1200
1984
1988
1992
1996
2000
2004
2008
2012
2016
2020
2024
2028
2032
2036
000s
Professional, Real Estate, Scientific and Technical ActivitiesHealth
Administrative and Support Service ActivitiesRetail
Financial and Insurance Activities
Information and Communication
Accomodation and Food Service ActivitiesEducation
Mayor of London’s Policy Priorities
• Mayor’s 2020 Vision and the recommendations of London Finance Commission
• Economic diversification, especially linked to science, tech and world-class universities
• Next round of infrastructure – Crossrail 2, housing, cycling, airport capacity
• Expansion of Central Business District – Kings Cross, Battersea, Canary Wharf etc
• Links to Greater South East and the UK• Economic opportunity: 250k apprenticeships target;
200k jobs from GLA investment; London Living Wage
