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London Borough of Newham Creating Jobs and Enterprise

London Borough of Newham Creating Jobs and Enterprise. Jane Sherwood, Head of Economic Regeneration, London Borough of Newham London Employment and Skills Convention – 23 May 2011. Newham’s Vision. A Place to Live, Work and Stay A New Part of London A Strong and Innovative Economy

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London Borough of Newham Creating Jobs and Enterprise

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  1. London Borough of NewhamCreating Jobs and Enterprise Jane Sherwood, Head of Economic Regeneration, London Borough of Newham London Employment and Skills Convention – 23 May 2011

  2. Newham’s Vision • A Place to Live, Work and Stay • A New Part of London • A Strong and Innovative Economy • Building Personal and Economic Capacity

  3. Strategic location

  4. Newham’s Unique Strengths Scale Connectivity Energy History

  5. The Challenges • Newham’s business base is too small • Local economy is not aligned with key growth sectors • Existing town centres are operating below their full potential

  6. Residents trapped in low skill economy No qualifications London 12% Newham 20% Worklessness London 30% Newham 44% NVQ 3/A’s London 55% Newham 40% NVQ Level 4/degree London 40% Newham 26% Weekly Earnings London £629 Newham £453

  7. The Economic Development Strategy Three Key Goals • Investment in the New Economy • A Stronger Business Base • More People into Work Enterprise Zone supports achievement of all three goals

  8. Strategic Priorities • Creating the conditions for investment • Developing the Newham offer for inward investors • Achieving local benefit

  9. Strategic Priorities • Maximising the impact of employability services • Extending the reach of employability support and targeting the economically inactive • Supporting parents into work to tackle child poverty • Preparing young people better for the future • Upskilling adults to enter and progress in work

  10. Current Investment Plan and Programmes • The Olympics and Paralympic Games • Metropolitan Stratford • Canning Town and Custom House • The Royal Docks – Enterprise Zone

  11. Business and Financial Services The Knowledge Economy Retail Visitor Economy & Creative Industries High-tech, Pharma, Green, Manufacturing Construction Education Building the new Newham Economy

  12. Enterprise zoneincentives • 100% business rate discount worth up to £275,000 over a five year period for businesses • A simplified planning processes • Potential to negotiate additional tax breaks

  13. Challenges to overcome • We need to ensure revenues collected in the zone are reinvested back in Newham via negotiation with the Mayor of London and the Greater London Authority • Ensure any additional institutional architecture does not increase bureaucracy • Ensure that jobs created are accessible to local residents

  14. One solution - Workplace model • Multi Agency Seamless Service (one stop shop) • Partnership Model • Employer Led, Rapid Response • High Volume, Target Driven Environment • High Quality, “high street”

  15. Offer to employers • Free recruitment service • Bespoke employer led • Vibrant, aspiring and diverse applicants • Matching and screening to employer specifications • Support with interview arrangements & venues • Ongoing support post recruitment

  16. Questions? Contact details Jane Sherwood, Head of Economic Regeneration, Regeneration, Planning and Property London Borough of Newham Newham Dockside, 1000 Dockside Road, London  E16 2QU jane.sherwood@newham.gov.uk

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