Regenerated East London ‘worth �21bn’ to London economy
EAST London could contribute an extra �21 billion to London’s economy once regeneration is complete, economists have claimed.
The area also has the potential to create 180,000 jobs over the next 25 years, according to the report from Oxford Economics.
Over the past decade, East London has been responsible for creating one in every four new jobs in the capital - and created more new positions than cities such as Birmingham or Manchester. But the report warns further growth will depend on investment in transport, infrastructure and skills in order to attract new businesses.
Study author Alan Wilson said: “It’s clear that East London’s potential will not be achieved by the market alone.
“It’s perceived peripheral location and geography that comprises a number of local councils along with multiple land ownership – including in the public sector – are major barriers to pure market led development.”
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London Thames Gateway Development Corporation chief executive Peter Andrews said: “Nowhere in London is there such an extraordinary package of development or the scale of both opportunity and land to accommodate significant growth.
“For London to remain a competitive world class city it’s going to be reliant on East London for a significant proportion of its jobs and housing growth.
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“The 30 year commitment from Government was responsible for getting us here and it will need a similar long term commitment for the next 20 years to secure the real returns that are vital to the region and the UK as a whole.”
The corporation has been responsible for securing �1 billion of inward investment into the area over the past five years.