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December 2008
The Mayor’s Economic Recovery Action Plan
December 2008
The Mayor’s Economic Recovery Action Plan
Greater London Authority
December 2008
Published by
Greater London Authority
City Hall
The Queen’s Walk
More London
London SE1 2AA
www.london.gov.uk
enquiries 020 7983 4100
minicom 020 7983 4458
ISBN 978 1 84781 215 5
Copies of this report are available from
www.london.gov.uk
Printed on Evolution Satin paper:
75 per cent recycled fibre content; 25 per cent
virgin fibre, 10 per cent FSC sourced;
FSC and NAPM certified.
3
Mayoral Foreword
5
Executive Summary
9
Summary of Actions
11
1 How we will help businesses
19
1.1 Strengthening business support in London
19
1.2 Improving access to finance for businesses
20
1.3 Opening up contract opportunities for SMEs and assisting cashflow
21
1.4 Making London more efficient for businesses
22
1.5 Championing London in the UK and overseas
23
2 How we will help Londoners
27
2.1 Helping people back into work through skills training,
brokerage and large investment projects
27
2.2 Keeping costs down for Londoners
30
2.3 Continuing to support deprived communities and vulnerable people
33
2.4 Meeting the housing needs of Londoners
34
3 Positioning London for long term recovery
37
3.1 Securing London’s competitiveness and quality of life
37
3.2 Delivering large investment projects for London and
lobbying government to secure and bring forward further programmes 38
Conclusion
41
Appendices
43
Appendix 1: London’s Manifesto for central government
43
Appendix 2: Economic context: London’s current economic position and
immediate outlook
44
Appendix 3: Selected timely economic indicators for London’s economy
53
Contents
5
These are extraordinary times for
the London economy – and for
Londoners. Headlines scream a
financial meltdown beyond anything
witnessed since the 1930s. Jobs are
being axed by the thousand. Interest
rates haven’t been lower since the
Bank of