AN ADVISORY ECONOMIC DEVELOPMENT STRATEGY FOR A LONDON BOROUGH
A London borough commissioned NEF to support them in creating an inclusive and green economic strategy that:
- Reduces inequalities and improve living standards.
- Supports the creation of sustainable local businesses and good secure jobs.
- Supports the local economy to be carbon neutral by 2030.
A survey of 1000 residents in the borough had highlighted the profound impact of the crisis on families and individuals in the borough. Almost half admitted to having to cut back on energy costs as well as on buying food and groceries, with 26% having skipped meals as a direct result of the crisis. It is within this context that the borough commissioned NEF to support them in the development of an inclusive and green economic strategy.
The challenge for all councils is how to address the underlying problems in the local economy, while ensuring their communities are fit for the future. Drawing on new thinking to inform an inclusive, green economic development strategy in which these concerns are addressed across interventions requires working to:
- Improve living standards rather than simply targeting GVA (Gross Value Added) growth.
- Support the creation of generative local businesses and good, secure jobs.
- Reduce greenhouse gas emissions.
- Reduce inequality.
In discussion with council colleagues, we worked with them on two areas: business support, and social housing energy efficiency retrofits.
POLICY LAB RECOMMENDATIONS
To develop our recommendations, we brought together national experts as well as local and regional stakeholders to discuss potential interventions through a Policy Lab process. We also included indicative recommendations for four other areas of focus.
Read the full case study here
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