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An Economic Development Strategy for Hackney

23rd March 2010

Andrew Munk

Regeneration & Planning

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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.

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The EDS aims to:

• Articulate Hackney’s future economic development

• Build on LBH’s existing plans, strategies and delivery programmes

• Help prioritise departmental funding and investment decisions

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Proposed EDS guiding principles

1) Ensure the growth of regionally competitive economic sectors rooted in Hackney’s existing strengths and leveraging the Olympics legacy

2) Target development in key growth areas (Dalston, A10 corridor, Hackney Wick, Hackney Central, City Fringe)

3) Enable local small businesses and entrepreneurs to thrive

4) Develop well educated and appropriately trained workforce

5) Provide a range of jobs from entry level to high skilled6) Contribute to wider place-shaping

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

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

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

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

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2. Target development in key growth areas

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3. Enable local small businesses and entrepreneurs to thrive

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4. Develop a well educated and appropriately trained workforce

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

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6. Contribute to wider place shaping

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Economic Development

Strategy

Economic Development

Strategy

Strategic Regeneration Framework (5BU)

Sustainable CommunityStrategy (LBH)

Local EconomicAssessment

Regeneration Development FrameworkRegeneration Development Framework

InwardInvestment

InwardInvestment

Worklessness and

Employment

Worklessness and

EmploymentEnterprise

development

Enterprise development EducationEducation OlympicsOlympics

Core economic policy areas Wider economic enablers

TransportTransportPlanningPlanning

The EDS will build on existing strategies

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

Mayor of London’sEconomic Delivery Strategy

Community Safety

Community SafetyHealth

Health

Local Development Framework

HousingHousing

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Illustrating how the EDS will be delivered

Economic Development Strategy

Guiding principles Growth sectors Strategic goals

Objectives

RDF action plan1) Action 4) Action2) Action 5) Action3) Action 6) Action

Inward Investment1) Action2) Action3) Action

Planning1) Action 2) Action3) Action

Health1) Action2) Action3) Action

Get x number of LBH residents into sustainable employment

LBH’s employment rate to converge with London average(KPI: NI 151)

Provide a range of jobs from entry level to high skilled

Low carbon industries

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LBH direct delivery

LBH’s Partnerships

External organisations

Delivering the EDS

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The EDS will be developed during first half of 2010

Date Milestone Items

25 Jan RSG meeting - High level EDS presentation

Feb - April

- Establish EDS evidence base - Develop guiding principles + strategic goals- Identify policy levers to deliver strategic goals- Stakeholder engagement- Interim RDF refresh

April - June

- Develop EDS objectives- Identify actions in existing ‘core’ and ‘enabling’ strategies to go into full RDF refresh

14 June RSG meeting - Present EDS options for: guiding principles; strategic goals; objectives; full RDF refresh, RDF/EDS gap analysis

June - July

- Incorporate RSG comments and finalise

Planning the development of the EDS to span the election will allow the EDS to incorporate manifesto commitments of the new administration.

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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 JuneRSG along with the completed draft EDS