London Mayor sets out ambitious plans for Capital’s growth and reinvention

Sadiq Khan, the Mayor of London, is today launching an ambitious plan aimed at creating 150,000 high-quality, well-paid jobs by 2028. This initiative will be unveiled alongside the shadow chancellor, Rachel Reeves. Reeves will say that a Labour administration intends to reset the relationship between the national government and London, while Khan thinks what is good for London is good for the UK.

The growth plan will focus on the Central Business District as well as small businesses and outer London. The jobs will be created by securing new investment for London, growing small and medium-sized businesses and attracting new businesses to the city. Growing sectors including AI, cyber, health and life sciences, as well as creative industries will be prioritised within the plan.

The plan also includes asking the Mayor’s Fund for London to collaborate with private sector companies to help people from low-income backgrounds to get into the job market.

Derek Mackenzie, CEO of Investigo, part of The IN Group, commented: “It’s fantastic to see the London mayor prioritising the job market, empowering people in the City. Businesses must also play their part, offering training programmes, flexible working policies, career mentoring and progression opportunities to create an inclusive high-performance culture that can attract and retain talent, unlocking the power of people.

“Especially in core focus areas such as AI and cyber, businesses need highly-skilled staff to oversee innovation and growth. In fact, our recent Tech and the Boardroom research highlighted cyber as the biggest talent pain point for businesses with 38 per cent struggling to hire in this area. Therefore, businesses must put the foundations in place to support staff, helping to place them in teams where they can succeed, while nurturing their skillsets to enable them to thrive.“

Khan argues that London’s potential extends beyond benefiting the capital alone; it can positively impact the entire country.  His strategy, known as the London Growth Plan, has been developed in collaboration with local councils, businesses, and trade unions.

Here are the key points:

  1. Inclusivity: The plan will work closely with the Mayor’s Fund for London, a charity dedicated to empowering young Londoners from low-income backgrounds. Together with private sector partners, they aim to facilitate job market access for those in need.
  2. Levelling Up: The focus will be on levelling up opportunities within the city. This includes supporting small businesses, outer London, and the Central Business District.
  3. Job Creation: The plan aims to create jobs through new investments, fostering the growth of successful small and mid-sized businesses into larger enterprises, and attracting new companies to the capital.
  4. Diverse Sectors: While bolstering established sectors of London’s economy, the plan will also champion emerging fields such as AI, cyber, health, life sciences, and the creative industries (including fashion, film, games, music, and TV).