What London economy?

The new Mayor of London’s staff risk offering him advice on London’s economy which is biased in favour of big corporate business, disregarding the potential —even the existence— of the ordinary economy of London’s high streets and industrial estates, its ethnic economies, street markets and small firms. The draft “Economic Evidence Base” emphasises the finance, business services and technology sectors which generate such high profits, rents and salaries in London while paying little attention to the low-pay fields in which half of London’s people work: catering and hotels, caring, driving, cleaning and retailing. As for manufacturing, despite its innovation and its high average productivity, the economists treat it as a declining sector and seem content to leave it to the property markets to determine what survives the competition from an inflated housing market. [Hardly surprising it’s a declining sector when its land is being ‘released’ for housebuilding at 3 times the planned rate.]

The GLA is to be congratulated for having consulted Just Space last year as it drafted its report, and then again after its draft was published in February. At each stage, and in three meetings, the Just Space Economy and Planning Group made clear what it considered to be necessary improvements, though without much detectable impact so far. Now the group has submitted a detailed 20-page commentary which is intended to re-balance the “Evidence Base” before it lands on the new Mayor’s desk. The Just Space commentary is here: 160523b JSEP comments on EEB-final

Later (18 November 2016) The Economic Evidence Base is now published. Free download at https://www.london.gov.uk/sites/default/files/economic_evidence_base_2016.compressed.pdf

 

2 thoughts on “What London economy?

  1. Pingback: Next London Plan: the embryo – michael edwards

  2. Pingback: Rebalancing the UK economy and the role of citizens’ organisations – michael edwards

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