London Growth Plan
The UK economy has huge potential. As one of the world’s economic powerhouses, London is well-placed to drive growth that the UK needs to succeed. But despite its strengths, the capital is not reaching its full potential, and not all of London’s citizens and communities feel the full benefits of economic prosperity.
To address this, the Mayor and London Councils are committed to developing a London Growth Plan that prioritises inclusive economic growth, skills, reducing inequalities, housing, infrastructure, and the green economy. The plan is being developed in close collaboration with boroughs, businesses, trade unions, skills providers, and civil society.
The London Growth Plan will be a concise, action focused document that sets out how London will drive sustainable and inclusive economic growth. It will set out priorities and actions needed to create jobs, boost wages and living standards for Londoners, and achieve a net zero carbon footprint across the capital.
Key points
Ensuring Londoners have access to industry-relevant skills, employment and careers support is essential to helping businesses and the economy to thrive. This will be a key priority of the London Growth Plan.
The Plan will consider how funding, coordination and targeting of skills provision can be strengthened across adult skills, employment support and careers, to support more Londoners to progress and access good jobs. Innovative ways of upscaling these services and attracting greater investment from employers should be explored. The Plan will ensure that London has a globally-competitive talent strategy to future-proof the economy.
The London Growth Plan aims to ensure that Londoners from all communities can benefit from economic prosperity, focusing on inclusive and sustainable growth rather than pursuing growth at all costs.
However, with the high cost-of-living increasing poverty in low-income households, the Plan needs to focus on creating jobs that pay a living wage, treat workers fairly, and allow for individuals to progress to meet their aspirations.
Many employers are already adopting standards that define ‘good work’ such as the London Living Wage and Living Hours campaigns, the Mayor’s Good Work Standard and similar national or global programmes. These employers are experiencing measurable benefits in improved productivity, retention and lower recruitment costs over time, which is improving productivity and reducing costs.
Alongside local interventions, London will work with national government to strengthen inclusive employment practices, and support necessary legislative changes to further embed these.
London’s Growth Plan will help deliver a greener, fairer economy. The transition to net zero will drive economic growth and create jobs, especially in the high-growth ‘clean tech’ sector.
Better air quality, green spaces and energy efficient buildings also have an economic value that helps to make London an attractive destination to live, work and do business. Boosting our climate resilience will help Londoners and businesses to mitigate economic and other risks posed by flooding and heatwaves.
The Growth Plan will help unlock these opportunities, supporting environmental goals through economic planning. It will provide business support, and support:
- innovative infrastructure delivery and financing
- high-growth sectors
- place-based planning
- skills development
- health and wellbeing.
The Growth Plan will also ensure green growth is inclusive, enabling Londoners to benefit equitably from new green jobs, energy-efficient homes and other environmental measures, while supporting communities most in need.
Related links
Supporting London's businesses, economic growth and infrastructure.
Find out what the Good Work Standard is, why it's important for your business and how you can become accredited.
Find out what programmes and opportunities are available to help businesses.
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