What we can learn from the astonishing ascendancy of East London from a wasteland to the fasting-growing, hippest area of the capital London has long established itself as a global hub for a range of digital and innovative sectors, from pioneering technology, film and television to the arts and fashion and a plethora of creative industries. But this world-leading position is under threat. Funding for tech and AI is set to be reduced by £1.
3bn and, if major creative industries such as film stall then other cities such as Paris and Berlin will continue to gain ground. London and the rest of the UK stand at a pivotal point. The government plans to position the UK as “open for business” and, with the International Investment Summit set to kick off next week, the Chancellor has an opportunity to refocus energies and investment into London’s burgeoning tech and creative sectors.
Prioritising funding for certain industries and areas has proven successful in other global cities and will be critical for maintaining London’s global edge. Nowhere is this more apparent or relevant than in East London. Here, a thriving ecosystem in the Queen Elizabeth Olympic Park has emerged through long-term planning and dedicated financial support.
The unique form of public-private partnership, spearheaded by the London Legacy Development Corporation (LLDC), continues to deliver growth and economic benefits for the community, the capital and our country – and can offer a blueprint for simila.
