Khan launches London Growth Plan

Mayor of London, Sadiq Khan, has launched a new London Growth Plan intended to return London to pre-global financial crash rates of growth.

In a speech at Mansion House, Khan said that the plan will create 150,000 new high-quality jobs by 2030. It is hoped that this would generate an extra £103 billion for the Treasury and put £20,000 more in Londoners’ pockets over the next decade.

The plan has been developed in close partnership with London Councils as well as London’s businesses and trade unions and will focus on ensuring Londoners have the skills businesses need; delivering vital housing and transport infrastructure for London; and ensuring the key technologies of the 21st century are being developed and commercialised in London.

Khan said: “We’ve crafted a new, ambitious, London Growth Plan to support the Government’s vital growth mission. New figures produced by City Hall economists show that if we succeed in our aim – of getting London growing at the same speed it was prior to the financial crisis – then over the next decade our economy can be at least 172 billion pounds bigger and our city will be able to generate 103 billion pounds more in tax receipts for the Treasury. That’s money that can be spent on health, education, defence, policing and infrastructure anywhere in the UK.    

“At the same time, if we’re successful in achieving these growth rates, each Londoner will have, on average, approximately £20,000 more in their pockets by 2034.  And this is in addition to the 150,000 new, high-quality jobs we forecast the London Growth Plan can help create over the same 10-year period.”

Chair of London Councils, Cllr Claire Holland said: “It’s clear that London cannot achieve its full potential, until all Londoners achieve their potential. That’s why a new inclusive talent strategy will be at the heart of the London Growth Plan, focused on growing the skilled workforce of the future and supporting Londoners who are excluded from the labour market.

"We’ll do this by increasing investment in skills and training, with a focus on key growth sectors; bringing together health and employment services to help more Londoners into work; and ensuring we have the housing and transport infrastructure necessary to connect people to jobs.”