The London Property Alliance and Arup have called on the government to devolve greater fiscal powers to London to drive £100bn of economic growth by 2041.
A new report, which will be circulated to central London boroughs, the Greater London Authority and the Treasury, details a 10-point plan to drive economic growth in central London.
The report, Good Growth in London’s Central Activities Zone – 2020-2041, suggests the capital could deliver an additional 400,000 jobs, 43,000 homes and £100bn of economic growth by 2041. Key recommendations include greater planning flexibility for experiential retail uses; further transparency in the planning system, particularly around CIL and Section 106 payments; and devolving fiscal powers to London authorities.
The report also said better relationships between businesses and local authorities in the capital would enable faster responses to “emerging disruptive factors”.
The research was supported by businesses including Almacantar, Great Portland Estates and Landsec.
”The public and private sectors must work together to deliver the benefits that new investment and development bring,” said Charles Begley, executive director of London Property Alliance.
Alexander Jan, chief economist at Arup, added: “Retaining more of the proceeds of growth for local services and investment, flexible planning policies and closer working among central London’s authorities, business improvement districts, residents and other stakeholders are key to its success.”
Professor Tony Travers, director of LSE London, added: “Standing still, or worse decline, is not an option for any part of this critically important area if it is to deliver the homes and jobs required for the future.”