The Economic Development Strategy: The Economic Development Strategy


Slide2: The LDA’s mission is to support London’s sustainable economic growth and development This will be achieved by promoting: Economic growth Equality Environment The LDA’s objective is to enhance London’s productivity and enable our growth as a sustainable and competitive world city, taking account of the major environmental, health and equalities issues facing London’s communities


The Economic Development Strategy: The Economic Development Strategy The Mayor’s strategy for the whole of London, not just the LDA Based on evidence and analysis about London’s changing economy Proposes actions that can only be delivered in partnership with the public, private, voluntary and community sectors Leverages private and public finance that wouldn’t otherwise be available Integrates the Mayor’s three cross-cutting themes: Equalities Sustainability Health


The London Story: The London Story London is one of the most exciting, dynamic and diverse cities in the world London’s success is based on successes in key, high value, sectors Low investment in infrastructure and people has lead to a high cost economy where Pressures on infrastructure and natural resources are increasing Deprivation levels are very high


Key London Challenges: Key London Challenges Accommodating massive growth- (800,000 more people, 600,000 more jobs) Tackling high unemployment and child poverty Combating barriers to employment (low skills, high cost of housing, high cost of childcare, discrimination) Balancing economic success with environmental sustainability, equality, health and quality of life Effectively promoting London to the rest of the world


4 Investment Themes: 4 Investment Themes Places and Infrastructure. To make the opportunities available to London’s communities accessible to all People. To make sure the workforce can compete and shares in London’s success Enterprise. To make sure we continue to be competitive in the global marketplace Marketing and Promotion. To make sure London is understood, supported and valued


Investment in Places and Infrastructure: Investment in Places and Infrastructure Support the delivery of the Mayor’s London Plan Improve the infrastructure for London’s future growth and development Deliver healthy, sustainable, high quality communities and urban environments


Investment in People: Investment in People Tackle barriers to employment (including skills development needs) Reduce disparities in labour market outcomes between groups Address the impacts of the concentration of disadvantage


Investment in Enterprise: Investment in Enterprise Address barriers to enterprise start-up, growth and competitiveness Maintain London’s position as a key enterprise and trading location Improve the skills of the workforce Maximise the productivity, and innovation potential of London’s enterprises


Investment in Marketing and Promotion: Investment in Marketing and Promotion Maintain and develop London as a visitor destination Ensure a coherent approach to marketing and promoting London Co-ordinate effective marketing and promotion activities across London


What will success look like?: What will success look like? Londoners will have access to more affordable homes and jobs London will host the 2012 Olympic games Key infrastructure projects will be delivered like the Thames gateway bridge London will feel and look cleaner Employment will go up, especially for minority groups and in disadvantaged areas London's businesses will be more sustainable


What will success look like? (ii): What will success look like? (ii) London's will remain a a key world enterprise location Businesses will be able to find appropriately skilled employees London’s productivity will go up London will have more visitors who spend more whilst they are here London will have a coherent and well understood approach to marketing


Slide13: Economic Development Strategy LDA Corporate Plan GLA GOL Partner/Stakeholder Plans Partner/Stakeholder Activities LDA Activities Measurement Performance Assessment against Strategic Priorities Outputs Outcomes Annual 3 years Inputs Leading Indicators Lagging Indicators      Tactical Assessment and formal reporting  Corporate plan (completed for 2005) Key Partner Engagement (ongoing) Including Sub-regional partnerships Business planning and implementation (commenced) Measurement    