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An Economic Development Strategy for Hackney

An Economic Development Strategy for Hackney. 23 rd March 2010 Andrew Munk Regeneration & Planning. Why do we need an Economic Development Strategy?. Hackney has a strong focus and a good track record getting people into jobs. We now need to focus on growing the

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An Economic Development Strategy for Hackney

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  1. An Economic Development Strategy for Hackney 23rd March 2010 Andrew Munk Regeneration & Planning

  2. Why do we need an Economic Development Strategy? Hackney has a strong focus and a good track record getting people into jobs. We now need to focus on growing the local economy to ensure that there are sufficient jobs for local people.

  3. The EDS aims to: • Articulate Hackney’s future economic development • Build on LBH’s existing plans, strategies and delivery programmes • Help prioritise departmentalfunding and investment decisions

  4. Proposed EDS guiding principles • Ensure the growth of regionally competitive economic sectors rooted in Hackney’s existing strengths and leveraging the Olympics legacy • Target development in key growth areas (Dalston, A10 corridor, Hackney Wick, Hackney Central, City Fringe) • Enable local small businesses and entrepreneurs to thrive • Develop well educated and appropriately trained workforce • Provide a range of jobs from entry level to high skilled • Contribute to wider place-shaping

  5. Servicing the City: financial & business services, property services, legal services, print & publishing, office supplies events, office cleaning, catering, facilities management/repair

  6. Creative and media industries: film/video/TV production, new digital media, art, fashion, entertainment, cultural activities

  7. Town centre & visitor economy: markets, specialised retail, hotels, restaurants/bars

  8. Low carbon economy: retrofitting, eco-building/maintenance, CHP installation, design services, consultancy, engineering

  9. 2. Target development in key growth areas

  10. 3. Enable local small businesses and entrepreneurs to thrive

  11. 4. Develop a well educated and appropriately trained workforce

  12. 5. Provide a range of jobs from entry level to high skilled

  13. 6. Contribute to wider place shaping

  14. The EDS will build on existing strategies Sustainable Community Strategy (LBH) Strategic Regeneration Framework (5BU) Local Development Framework Economic Development Strategy Mayor of London’sEconomic Delivery Strategy Local EconomicAssessment Regeneration Development Framework InwardInvestment Worklessness and Employment Enterprise development Housing Education Olympics Transport Planning Health Community Safety Core economic policy areas Wider economic enablers There is already a well articulated ‘direction of travel’ in the borough’s existing strategic documents – the EDS will fill the gap between the desired outcomes set out in those documents to give focus to the actions in a refreshed RDF

  15. Illustrating how the EDS will be delivered Economic Development Strategy Guiding principlesGrowth sectors Strategic goals Objectives RDF action plan 1) Action 4) Action 2) Action 5) Action 3) Action 6) Action Provide a range of jobs from entry level to high skilled Low carbon industries LBH’s employment rate to converge with London average (KPI: NI 151) Get x number of LBH residents into sustainable employment • Inward Investment • Action • Action • Action • Planning • Action • Action • Action • Health • Action • Action • Action

  16. Delivering the EDS LBH direct delivery LBH’s Partnerships External organisations

  17. The EDS will be developed during first half of 2010 Planning the development of the EDS to span the election will allow the EDS to incorporate manifesto commitments of the new administration.

  18. Refreshing the RDF and identifying gaps • The interim refresh of the RDF action plan consists of: • all live original actions • additional relevant actions from the P&I business plan. • Actions included are delivery focused and will form the basis for the expanded action plan under the EDS • In the completed draft EDS, gaps will exist between Objectives and the full refresh of the RDF • A gap analysis will be undertaken to determine: • The main areas of activity missing • How this will affect achievement of strategic goals, as measured by the associated indicator • The investment required to address these gaps This gap analysis and options paper will be presented at the June RSG along with the completed draft EDS

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