Mayor of London Sadiq Khan has unveiled the strategy leaders for a major business enterprise zone in east London’s Royal Docks.
The development is planned to create 40,000 jobs and 4,000 homes in the area just north of London City airport, by combining business rate relief – tax breaks – with rate retention, in which the local council keeps control of the taxes it collects.
The area is also trying to draw investors with the promise of ultra-fast broadband and simpler planning.
Angus Knowles-Cutler, vice chairman and London senior partner at Deloitte, will join Land Securities London managing director Collette O’Shea amongst other representatives of business.
Other members of the board include planning academic professor Greg Clark, Europe senior fellow at the Urban Land Institute, as well as Dr Celia Caulcott, University College London’s vice provost for enterprise.
The development is part of a long-running effort to reinvigorate London’s East End, and to provide large amounts of housing to ease the capital’s burgeoning demand.
In June 2013, the mayor secured a £1.5bn deal in the Royal Docks with the Silvertown Partnership, comprising developers Chelsfield Properties, First Base and Macquarie Capital, to build “purpose-built pavilions” for company exhibition.
Khan, said: “London is open for business and I look forward to working with the members of LEAP to take forward my new economic development strategy for the capital, generating the jobs and growth we need to keep London prosperous.”
Newly-appointed LEAP business member Natalie Campbell, founder of A Very Good Company, said: “I am looking forward to working alongside LEAP’s impressive line-up of entrepreneurs and business leaders to improve the lot for London’s small businesses.
“SMEs employ around 2.5m people across the capital and it is therefore of vital importance to Londoners that the sector thrives.”