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£3bn London recovery plan

December 18, 2008 - Martin Hoscik@martinhoscik

Boris Johnson yesterday announced a £3bn package designed to help the capital through the current economic downturn. The Mayor has also called on Londoners and business leaders to work with him to see the capital through tough times.

Measures announced and re-announced yesterday include a commitment for Greater London Authority bodies to pay small business invoices within 10 working days and the extension of the ‘CompeteFor’ online supplier brokerage system to give companies more opportunities to bid for GLA and Olympic contracts.

Speaking yesterday Mayor Johnson said he was committed to “using all the resources we have at our disposal to help London through the downturn, obtaining extra funding from wherever we can, and most importantly directing our efforts to build on our great city’s strengths – its people and the enterprises which underpin the success of our economy.”

”Not only have we put together a wide ranging programme of support for business and individuals, we will continue to shout from the roof tops and tell the rest of the world that London is still the best place in the world to visit, to do business in, and to buy goods and services from.”

Johnson predicted that when the “economic storm has blown away, London will emerge an even stronger, more competitive world-beating capital and will be the envy of those cities aspiring to our standing on the global stage.”

Opponents on the London Assembly have criticised the Mayor’s recovery plan, saying it offers little new. Green Party Assembly Member Jenny Jones said a £23 million business support packaged announced yesterday had already been announced.

Jones commented: “The Mayor seriously underestimates the scale of the economic crisis facing London.  At a time when there is urgent need of concerted action to protect jobs and increase affordability, the Mayor’s plan rehashes existing policies and re-announces current funding.“

Liberal Democrat AM Dee Doocey has called on the Mayor to provide more support for the voluntary sector. Doocey said: “recent announcements of the cancellation of vital capital infrastructure projects like the Cross River Tram, which would provide much needed investment in jobs and support for SME businesses in one of the most deprived parts of London, shows that maybe the Recovery Plan is not the only answer London needs at this time.”

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Related

Comments

  1. TawkinSenz says

    December 19, 2008 at 2:03 pm

    “economic storm has blown away, London will emerge an even stronger, more competitive world-beating capital and will be the envy of those cities aspiring to our standing on the global stage.”

    Boris – read your economic history. This is exactly what they said about Japan shortly after World War 2. What followed? 20 years of deflation..

  2. Phil says

    December 19, 2008 at 4:54 pm

    Bring back the Cross River Tram Boris! It’s already well developed, well supported and even you’ve said it has “much merit”….just how will London be stronger by holding back the economic and social development of the most disadvantaged parts of the capital?

  3. Damian Hockney says

    December 19, 2008 at 5:36 pm

    But Japan did of course emerge as a very strong nation Tawkin! But yes, comparisons are always dangerous/odious…I am of a very different political persuasion to Dee and Jenny, but have great respect for them both (not just in a season of goodwill) and they are both right here. Additionally, there is always a problem with government at any level announcing measures to ‘help business’…which inevitably involve spending more money (ultimately paid for by the private sector of course). “Shouting from the rooftops” comes at a great cost in the public sector, Mayor (and actually it’s pretty costly in the private sector as well…). A multimillion pound campaign telling people how wonderful London is would be irrelevant and ineffectual against the issues surrounding the current economic crisis. But of course it “proves we are doing something”. Oh dear. Season’s Greetings.

  4. TawkinSenz says

    December 23, 2008 at 2:30 pm

    Why should we be surprised – Boris is merely jumping on the ‘give money to the wealthy’ bandwagon that the Government has pursued.

    Even the policy about ‘paying GLA bills within 10 days’ is a copycat one from the Government.
    – I must say, it’s outrageous that any Government department doesn’t pay it’s bills on time anyway.

    Like Phil says, this money would be better spent on a long term project like the cross river tram which would provide jobs whilst being built and improve the city workforces mobility – which if you live in the south is absolutely terrible.

    With regard to Japan, considering it was the superpower of the east during the Edo period it is a shadow of it’s former self these days. However after the war it was being touted as an ‘economic miracle’ which rose from the abyss – a bit like Boris is saying London will be.

    London is great – but it has nothing to do with Economics. Sadly only people who live here know that – people from Henley do not count as Londoners.

    Final thought for Christmas:

    “its people and the enterprises which underpin the success of our economy”

    People – Like bankers who thought they had ‘the perfect investment’ – again who then lost our money through incompetence and greed

    Enterprises – Like banks who lost our money through greed and stupidity – and incompetence.

    I’m ready with my chequebook – where do I sign?

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