Slide 1

Report
West London
London Enterprise Panel
5th December 2012
1
West London: Basic Facts
• West London is a major economy in its own right and an
economically distinctive region of London.
• Population of over 1.8m
• 800,000 + employees
• Nearly 82,000 businesses
• Europe’s largest industrial park at Park Royal
• The country’s largest single employment location outside
central London at Heathrow
• Bigger than Britain’s ‘second’ city – Birmingham
• An economy said to be larger than that of Frankfurt
2
Transport & Business Infrastructure
• The transport infrastructure connecting West London to
the UK and internationally is a major strength and has
been a key driver for inward investment and job creation.
• Further investment (CrossRail/HS2/etc.) is likely to
enhance West London’s competitiveness
• There are major development sites and opportunity
areas in West London with the capacity to provide for
new investment and an estimated 78,000 new jobs
• Confidence is sufficient in many areas for developers to
continue to invest and develop – Park Royal, Wembley
and White City to offer just a few examples
3
Title
• Text
4
• West London has strengths in modern, new and growing
economic sectors – particularly in creative and media,
bio-technology, food manufacture, information
technology and logistics
• Its home to the national or international offices of leading
companies such as GSK, Sky, Coca Cola, Diageo and
Cisco
• The science and technology base in West London is
world class and growing – Brunel, Imperial College,
Westminster University have a strong and growing base
in West London and there is important private R&D
investment too
5
Jobs & Economy
• West London is an entrepreneurial economy with high
rates of new business formation
• West London has a higher rate of self-employment than
the rest of London and the other Regions.
• West London economy performed relatively well
compared to London and the other regions through the
economic downturn demonstrating the vitality and
resilience of the economy
• Over the last 12 months West London has had a higher
rate of job vacancies than the rest of London
6
• Between 2008 and 2011 (pre- and post recession) there
has been a slight increase in the number of jobs in West
London compared to a slight decline for the rest of
London and almost all other regions.
• West London has a relatively skilled workforce compared
with other regions. Generally, the West London working
age population is highly qualified
• There is a lower proportion of the working age population
with absolutely no qualifications than the rest of London
and most other Regions.
• And in West London there are better school leaving
attainment levels than the rest of London and most other
Regions.
7
Challenges and Opportunities
8
• Major infrastructure linkages to West London are an
attractor – but movement in West London is problematic
particularly north – south (Orbital) connectivity and more
needs to be done to improve this than is currently
programmed in TfL’s investment plans
• The need for better connectivity is evident across the
sub-region whether by bus, rail or new and innovative
modes
• The prospect of CrossRail’s completion should attract
significant new job creating development to some areas
in West London
• Investment is required to leverage that opportunity and
translate it into economic growth
9
• LEP support would be welcome in ensuring that
residential development attracted by CrossRail does not
erode employment land and therefore job opportunities
• HS2 presents a huge opportunity to improve north-south
connectivity through the new transport hub at Old Oak
Common with rail links to all points of the compass. It
would also release a major new site for housing and
employment development.
• Some West London councils have serious concerns
about the environmental and social impacts of HS2
• Advance infrastructure is needed to release the
employment and new housing potential for some of our
major investment sites
10
• West London has always been an attractive location for
inward investors and to leverage that to the maximum a
seamless service for investors is required.
• A ‘concierge service’ in West London tailored to the
needs of individual investors should be considered,
working through local councils and their partners
• On-going monitoring and research is needed to develop
the right response to employer’s needs for their
workforce
• For instance, there is evidence that employers are
requiring NVQ Level 4 qualifications but West London
has a slightly lower proportion of the working age
population than London qualified at NVQ4+
11
• There is a need to work closely with West London
employers to ensure that the skills and aptitudes needed
of employees by them are met in West London
• There should be a local and fine grained approach to
working with colleges, universities, training organisation
and employers to ensure that these future needs are met
• Notwithstanding its comparative resilience to the
economic downturn there were 44,000 JSA claimants in
West London in October 2012 and 142,000 working age
benefit claimants in February 2012
• The councils are seriously concerned about the impacts
of welfare reform on employed and workless working
age households
12
• There is a need to develop programmes aimed at
supporting the lower paid households in West London
and preventing homelessness and sections of the
workforce having to relocate out of West London - to
their detriment and that of employers
• Employment and skills providers including those
providing the Work Programme, Apprenticeship Training
Agencies and colleges should provide high quality and
flexible services.
• There is evidence that this is not always the case and
there is a need for more local collective action to monitor
performance and agree action plans for improvement
13
• The rates of small business formation are higher than
the region average but ‘death rates’ are also higher
• Whilst web based advice for start-up and existing SMEs
is valuable to really support business formation and
growth face to face and tailored support is essential
• West London has strong international trade and
investment links; the learning from the Gateway Asia
programme has underlined that with additional support
and facilitation much more can be achieved by
businesses in accessing new and emerging markets
• We need work with the LEP and Universities to
understand how we can lever the benefit of their science
and technology investment in West London
14
• Where resources are available from GLA/
Government/Europe to help realise the growth
opportunities in West London they should be allocated in
as simple and straightforward process as possible and in
a timely manner without unnecessary delays.
• With regard to the previous Growth Fund bidding round
what is the position?
• Councils spent much time and resources bidding for
important schemes but still wait an outcome
15
• To facilitate more joined up funding we would support
the GLA being the managing authority for the 2014-2020
ERDF Programme and for the LEP to consider how that
funding can be matched at source so that access is
easier and projects important to London can be
commissioned in a better and more targeted way than
hitherto
• Indeed with think it would be better if the various funding
streams (Get Britain Building, Growth Fund, ERDF, ESF,
etc.) were managed together by the GLA/LEP on a
commissioning basis and in partnership with subregional groupings.
16
• Views amongst stakeholders in West London are divided
on the issue of the third runway at Heathrow
• But if the Mayor is to continue to argue for a Thames
Estuary Hub Airport then he and the LEP should be
putting equal effort into modelling and considering the
substantial impacts this could have on the West London
economy and employment and the investment and other
measures necessary to maintain the vitality of the West
London economy if a decision to build a new Hub
elsewhere were to be made
• This work should involve West London stakeholders
17
Conclusion
• Our overall message is that West London is open for
business and ready for investment.
• If the objective is to accelerate the rate of investment,
business growth and job creation in London and see
results as soon as possible then West London
represents one of the best opportunities for the Mayor
and the LEP
• We are keen to work with the Mayor and the LEP in
achieving this ambition
18

similar documents