Jobs, transport, housing and culture are at the heart of six point long term economic plan for London.
The Chancellor and Mayor of London Friday set out their six-point long term economic plan for London showing what has been delivered, what is underway and what more can be done to make the city prosperous in the long term.
In a speech at the Tate Modern, the Chancellor and the Mayor set out the detailed plan alongside a number of visits in the capital.
The plan aims to:
1. secure London’s strong economic future by setting the ambition to outpace the growth of New York, adding £6.4bn to the London economy by 2030. This is equivalent to £600 more per person if London’s productivity grows at the same pace projected for New York
2. create over half a million extra jobs in London by 2020 by backing businesses, attracting world wide investment and continuing to raise standards in schools
3. solve London’s acute housing problem, the number one challenge facing the city, by building over 400,000 new homes – including through a London Land Commission to identify and support development of brownfield and public sector land
4. deliver £10 billion of new investment in London’s transport over the next Parliament including new tube improvements, better roads, more buses and cycle lanes and identifying the next big infrastructure investment after Crossrail
5. make London a centre of the world’s creative and commercial life, with new investment in science, finance, technology and culture. This will include a new feasibility study to develop a world class concert hall for London which will be led by the Barbican Centre
6. give more power to Londoners to control their city’s future, with new powers for the Mayor of London to support economic growth, boost skills in the capital and have more control over planning powers
Read the full Treasury press release here