East London can give �21 billion boost to UK economy
A FULLY regenerated east London could contribute an additional �21 billion a year to London’s economic wealth, economists claimed today.
The study by Oxford Economics also revealed that east London was responsible for creating one in every four new jobs in the capital and created more jobs over the past decade than Birmingham, Edinburgh, Leeds or Manchester.
The Docklands corridor of Canary Wharf, London City Airport and the ExCel have been principally responsible for the jobs increase, with the Olympic Park and Stratford City set to extend that area in years to come.
But the study also warned that future wealth generation depends on public investment infrastructure, improving skills and marketing the area.
Alan Wilson, author of the study, said: “From our analysis, and the lessons learned from successful regeneration elsewhere, it’s clear that east London’s potential will not be achieved by the market alone.
“Its 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.”
Against the backdrop of London’s growing importance to the UK economy, east London has captured a growing share of the region’s economic activity. From generating one in eight new jobs over a ten year period to 2000, east London accounted for one in every four new jobs created from 2000 to 2008.
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Over the same period east London created more jobs then Birmingham, Edinburgh and Manchester combined.
Looking forward the study claims the region has the potential to create an additional 180,000 jobs over the next 25 years with London benefiting from an additional 282,000 jobs and �21.4 billion GVA (a key measure of the size of the economy at a regional level).