Tower Hamlets’ £6.5 billion economy larger than some countries

Canary Wharf

Canary Wharf - Credit: PA Wire/Press Association Images

Business and enterprise in Tower Hamlets has created an economy worth £6.5 billion – larger than some European countries including Monaco and Malta - it’s been revealed.

The borough may be one of the the most socially deprived in the country, but it is an economic powerhouse having earlier this year been recognised by The Municipal Journal – a leading local government magazine – as the top local authority for ecomomic performance.

Over the last decade, the borough has seen a 60 per cent increase in jobs and has an estimated 12,000 businesses.

Last week the council tapped into the enterprising spirit holding its first ever business forum, attracting over 150 businesses from in and around Tower Hamlets.

Held at the Marriott Hotel, West India Quay, the event was designed to get small to medium businesses together, to establish what they need to thrive and grow in the current economic climate and how the council can provide a voice for local entrepreneurs.

Growth, recession, base rates, deleveraging, consumer spend and inflation were just some of the hot topics debated as businesses based in and around the borough swapped business cards, experiences and advice with experts and council officers.

Cllr Alibor Choudhury, cabinet member for resources, said: “With expansions of the City Fringe, Stratford and Canary Wharf, Tower Hamlets is an economic powerhouse that is still growing. We need to make sure everyone knows Tower Hamlets is the place to do business.”