London's Vision for a Brighter Future

London has unveiled a groundbreaking growth plan, aiming to inject an additional £27 billion into the city's economy through tax revenue. Spearheaded by Mayor Sadiq Khan and London & Partners, this ambitious strategy seeks to boost productivity growth to 2% annually over the next decade, potentially expanding London's economy by £107 billion by 2035.

India: A Strategic Partner in London's Growth

India has emerged as London's leading source of foreign direct investment (FDI), surpassing the US in 2022-23 and maintaining its top position into 2023-24. Laura Citron, CEO of London & Partners, highlights the significant role of Indian tech companies, students, and tourists in London's growth narrative. Indian students now constitute over 20% of London's international student population, marking a significant increase over the past decade.

Key Priorities of the Growth Plan

The plan focuses on several key areas to revitalize London's economy, which has seen stagnation since the 2008 financial crisis. These include investing in skills and talent, backing business innovation, accelerating housing and infrastructure development, and revitalizing high streets to boost local economies. Mayor Sadiq Khan views this as a golden opportunity to unlock London's full potential, aiming to create 150,000 jobs, build more affordable homes, and deliver major transport upgrades.

Empowering Londoners

One of the plan's ambitious targets is to raise household incomes for the lowest-earning 20% of Londoners by 20%, potentially providing over a million households with an extra £50 per week after housing costs. This initiative underscores the plan's commitment to not only economic growth but also social equity.