Download - 1 An Economic Development Strategy for Hackney 23 rd 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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- Low carbon economy: retrofitting, eco-building/maintenance, CHP installation, design services, consultancy, engineering
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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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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