The City Together is reviewing its Community Strategy, 2004-2014. We want to hear from you about one of the key areas which we believe will be essential to delivering a World Class City:
How we can help to support a World Class City which is competitive and promotes opportunities?
Below, we set out some of the key facts and some of the challenges we will face over the coming years, as we see them. We are already working to address some of these issues and challenges, but we want your views on what else should be done.
Some facts
- The City of London is the leading international hub for financial and related business services, accounting for more than 2% of the UK’s GDP and 12% of London’s. These services will continue to grow reflecting the growth of the world economy.
- Around 6,000 businesses are located in the City employing over 320,000 workers. The number of jobs is set to rise dramatically to 372,000 by 2009.
- Despite this relative prosperity, unemployment is markedly higher in City boroughs which border the Square Mile (termed ‘City fringes’) than in London and the UK (9.5% compared to 5% nationally).
- Skills levels in the City fringes – and in the east of the City - are also lower than elsewhere in London.
- 88% of City’s workforce commutes by public transport.
The challenges we need to address
- Growing concerns over complexity and uncertainty of UK tax system, EU regulation and financial regulatory system.
- Competition from established and emerging financial markets, e.g. other EU states and Asia.
- Pressure on transport infrastructure, healthcare provision and availability of adequate housing.
- Ensuring City and City Fringe residents have suitable skills so they can access City jobs, and know how to access City-type jobs.
- Supporting more people to enter and remain in the job market by removing barriers to work, such as lack of transport and childcare.
- Raising attainment in local schools.
What we are doing already
- Lobbying Westminster, Whitehall and Brussels as a channel for business opinion, and new offices in India and China help to grow relationships with Government and business.
- Promoting new areas of business (e.g. Islamic Finance and Emissions Trading).
- Undertaking an extensive research programme to analyse City business and London-wide issues.
- Economic regeneration activity in City Fringes (and the east of the City) covering skills, training and employment, attainment-raising in schools, and business support.
- Working in partnership with neighbouring boroughs and other agencies, e.g. City Fringe Partnership.
What else can we do?
We want to know what you think!
- Do you agree with the issues and challenges outlined above?
- Are some more important than others?
- Is there anything missing?
- What else can we do to tackle these issues and meet future challenges?
- What is the role of public sector organisations, and what is the role for individuals, businesses and communities in tackling some of these issues?