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Local London launches new Vision at Investment and Development Forum

Local London calls on partners to accelerate investment and create good growth

Local London, the capital’s biggest sub-regional partnership, launched its new Vision for Growth today at its inaugural Investment and Development Forum.

The event, held at The Good Hotel on Royal Victoria Dock, brought together public and private sector investors with delegates from nine boroughs to unveil the new Vision and initiate discussions to unlock investment opportunities.

Researched and authored by Centre for London, the capital’s independent think tank, the Vision sets out how partners across Local London will accelerate growth and tackle inequality in its member boroughs: Barking & Dagenham, Bexley, Bromley, Enfield, Greenwich, Havering, Newham, Redbridge and Waltham Forest.

This research reveals that the Local London sub-region has the key ingredients for growth:

Local London is home to around 2.7 million people and is set to reach 3 million by 2050, the sub-region’s population is larger than Birmingham, Manchester and Liverpool combined.
The sub-region contributes over £60 billion to the economy annually and has grown faster than any other part of Outer London since 2010.
Employment has risen at twice the UK rate, rising by 9.1% since 2010.

Ariel shot of Ilford, Redbridge — Ilford Town, Redbridge

These act as natural advantages for the sub-region. Growth could both benefit the local population as well as stimulate wider economic benefits for London and the rest of the UK.

A sub-region with a fast growing and skilled population

With the fastest growing population in the capital, Local London is home to a third of the capital’s families and the highest proportion of under 18's. Nearly half (46%) of Local London’s places are characterised by vibrant migrant and student neighbourhoods.

These diverse communities are united by a common thread – the overwhelming majority of the sub-region’s residents are proud to live there. In Centre for London’s polling with Savanta, three-quarters stated they felt ‘proud’ or ‘very proud’ of their area.

This population already boasts impressive skills achievements. In 2023-24, 136,000 residents achieved Level 2-3 qualifications (equivalent to GCSE’s and A-Levels) – the highest across the capital. At university level, the sub-region has the largest cohort of London’s higher education achievements at undergraduate level, holding that position since 2018. With a highly dynamic and skilled population, the residents of Local London could be the key to investment and innovation in the area.

The sub-region's strong economic base

Additionally, the sub-region has a strong economic base. The number of businesses has grown by 44% in the sub-region in the last decade, 10% higher than the London average. This has seen more residents reap the benefits of economic growth. There has been a rapid increase in employment since 2010, averaging 9.1% across the sub-region which is twice the national rate. Meanwhile economic inactivity has dropped by 3% among working-age men and 10% among working-age women.

However, there is still work to do to maximise the potential of the sub-region and ensure economic growth benefits everyone. The sub-region has the lowest gross weekly pay in capital and some communities remain the most deprived in the country. In one statistic from Centre for London and Savanta’s polling – 1 in 5 Local London residents rated the availability of quality, well-paid jobs in the area as ‘poor’.

Meanwhile, the sub-region’s productivity growth has fallen below both the London and national average – this means Local London’s workers produce less per hour worked than their peers nationally and regionally, holding back local prosperity and the wider economy.

Decisive action to close prosperity gap

Decisive action is required to prevent this prosperity gap widening, and the building blocks for this are in place. Local London has the people – a dynamic and diverse population; the skills – a community ready and willing to learn; and the business – a strong foundational economy, growing faster than all other Outer London areas. Despite these positives, the potential of North East and South East London remains unrealised.

As a sub-region, it’s time to match the opportunities to the potential of the residents and business. Local London’s vision includes steps to:

Attract investment through a regular investment summit alongside an investment portfolio to provide a healthy pipeline of opportunities.
Unlock infrastructure by advocating for critical major projects with clear economic benefits for residents and businesses.
Support businesses with access to talent and quality workspaces.
Create a joined-up skills and employment offer with employers, education providers, community organisers and health partners to support residents to get the help to succeed and thrive.

Sunny day at Newham Docks looking westwards towards the O2 and City Hall. — Docks, Newham

Cllr Anthony Okereke, Chair of Local London and Leader of the Royal Borough of Greenwich, said “Across our boroughs, we are united in our commitment to driving sustainable and inclusive growth that benefits both our communities and the wider economy. Recent research by Centre for London highlights the scale of opportunity in our sub-region, and the damaging impact of delaying vital investment.

Our Vision builds on a strong track record and a deep understanding of our unique strengths. It sets out a bold, actionable plan to unlock the sub-region’s unmissable potential. Through four strategic missions, we will attract investment, unlock infrastructure, support enterprise, and boost skills and employment.

We are calling on government, businesses, and education partners to work with us to accelerate investment and create thriving communities with quality homes, vibrant commercial spaces, good jobs, and seamless connectivity. It is vital we act now.”

Rob Anderson, Research Director at Centre for London, said: “One of the government’s key pledges was to make work pay. To do so, we need to enable our sub-regional and local governments to work directly with local residents – matching their interests, skills and circumstances to local jobs, businesses and new opportunities.

Local London have set out an ambitious plan, building on historical success in regeneration, covering all corners of the sub-region. The foundations for inclusive and equitable growth are there. Now, it’s time to take actions to make sure residents, businesses and investors benefit as we realise the potential of London’s biggest sub-region.”

Read our Vision for Growth