Agenda item

This item provides an update on the refresh of Hammersmith & Fulham's Industrial Strategy.

Councillor Stephen Cowan (Leader of the Council) introduced the item. He set the context of where the Council was within the lifespan of the Industrial Strategy, as well as provide an overview of the current economic growth within the borough. Details were provided on how the strategy had evolved from the early work conducted in partnership with Imperial College, London, to where it currently stood, having incorporated continual learning from several innovation districts across the globe.

The Committee noted that the strategy took inspiration from the German model of Länder and city states. Details were provided on the role of key partners / drivers of the Industrial Strategy. In particular, the pivotal roles played by Professor Alice Gast (previous President of Imperial College London) and by Greg Jackson (Founder and CEO of Octopus Energy Group) and Sophie Devonshire (CEO of The Marketing Society) as ‘business commissioners’ at the birth of the strategy, as well as the shared vision of the Council and its partners to become a global economic hotspot.

Highlighting some key statistics, it was noted that Hammersmith and Fulham had received £5 billion worth of high value business investment since 2017, which was more than all of the rest of West London put together. The reason the Council was taking the strategy into its next phase was to ensure it was inclusive, developed further, and by doing so, became the new Silicon Valley in Europe.

Andrew Munk (Assistant Director Economic Development) reiterated the aim of the taking the strategy into its next phase and the Committee noted that officers were working on a action plan and governance plan to oversee the strategy.

David Pack (Strategic Head – Industrial Strategy) provided a presentation which covered the following aspects:

·       The progress made since 2017.

·       Contextual change - the different social and economic backdrop.

·       The changed context along with relevant manifesto commitments – An indicative chapter/topic list (of 1.Opportunity, 2. Growth,3. Inclusion and

4. Place).

·       Some illustrative outcomes under each of the four chapters.

·       The wider considerations for refreshing the Industrial Strategy.

·       A suggested time-line for the strategy.

·       Employing a culture of delivery to drive a refreshed industrial strategy.

Councillor Adam Peter Lang commented that the term ‘refresh’ was a good word to use. He explained it was important to take stock of where the strategy was. He highlighted his interest in the pandemic and mused what was the same, what was different and what would be different in urban areas in the future. It was important for the Council to be ambitious but also realistic in what it set out to achieve. He commended the innovation and suggested this could be communicated more clearly to residents.

Referencing a book entitled No Ordinary Disruption: The Four Global Forces Breaking all the Trends – Councillor Stephen Cowan explained that compared to the Industrial Revolution, current change was happening 10 times faster, on 300 times the scale and with 3 million more times the impact. Paraphrasing his words, while it was very difficult to predict what the economy would look like in 10 years’ time, what was certain, was that it would be science based. Comparing and contrasting the approaches taken in the United States and South Korea he suggested that in the future, the world would be dominated by the smartest industries. Further discussions focused on the United Kingdom’s rating on the Bloomberg Innovation Index, several innovation districts as well as some of the lessons stemming from the pandemic, such as the rise of remote working through Zoom and Teams and the influence this had on work patterns.

Referencing the report, Councillor Ashok Patel commented on the progress which had been made since the refresh, and in particular, the level of investment which had been attracted to the borough, the creation of a further jobs and importance of economic inclusivity.

Commenting on job creation, Councillor Stephen Cowan confirmed the Council had concentrated on providing office space, as well as high quality laboratory space which was essential for the future economy. It was noted that to maintain start up and scale ups, these spaces also needed to affordable and flexible. In terms of the inclusivity, the Committee noted that a multi-million pound EdCity development, which includes a major youth centre was being built in White City to provide opportunities to young people across the borough.

Andrew Munk added that while the report set out what the Council already knew, including the role of Black Lives Matter and the pandemic in raising the profile of inequality, taking the strategy to its next stage would specifically address inclusivity by providing opportunities. Referring to current work streams, he also highlighted the importance of intersectionality, and by analysing datasets, the Council would be able to assess how successful it was being in delivering its aims. David Pack confirmed that 6,500 jobs in the digital / creative sectors had been created since 2017. He also provided further details on the data sourced through the dealroom.com database, which generated the estimates of investment into high growth businesses in the borough.

Councillor Jackie Borland commended the progress which had been made. She asked about what was being done to assist the 3,300 residents with no qualifications and how it was envisaged the strategy would affect the areas outside the White City Innovation District, such as its impact on Fulham Broadway.

In response, Councillor Stephen Cowan confirmed the Industrial strategy was for the whole borough. It was noted that White City had received approximately £1.5 billion of the current £5 billion total investment figure. Details were provided about how the Council worked with developers to encourage growth, its relationship with Imperial College in building affordable homes for students / faculty, and also concentrating on providing flexible office space. Discussion also focused on the outreach work being conducted across the borough, and the signposting the skills which were required in the current and future employment marketspace.

Councillor Jackie Borland suggested that reading the report as a lay person, there was lots of information about Imperial College, White City and the White City Innovation District, but it might be helpful to add some key points and a further narrative on some of the key concepts to help explain these in more detail.

In response, Councillor Stephen Cowan, confirmed the vision was for the whole borough to feel like a large campus, where it was green and a pleasant place to live, the air was clean, with vibrant shops but also an exciting place to be as there was a large scientific endeavour on the doorstep.

Councillor Liz Collins asked several questions. Firstly, she enquired about artificial intelligence and the effect this would have on industry in the future, and specifically if the borough was ready for this challenge. And secondly, she noted that many women faced challenges returning to work (after the pandemic) and asked if businesses were going to provide childcare.

In response Councillor Stephen Cowan confirmed that affordable childcare was important and provided details of what the Council was doing to address this challenge. In relation to artificial intelligence, Andrew Munk provided details of how the Council was working with schools and thinking about the curriculum so that skill- sets for the future were developed. With regards to childcare, Andrew Munk explained that the borough was unusual in that it recognised that childcare was a key driver in developing the Industrial Strategy and the council would be working in partnership with business to improve provision. The Leader referred to the German approach to childcare and how this was enshrined within its constitution.

Councillor Rory Vaughan, the Chair, commended the progress which had been made but underlined that the update needed some tangible signs of success, including some telling statistics of residents that had been assisted to achieve skills and employment. Referencing the Cultural Strategy and the Civic Campus within the agenda, he noted these areas were also building blocks for the development of the Industrial Strategy. The Chair welcomed the progress which had been made and requested that it was revisited in a year’s time.

Action – That the borough's Industrial Strategy be revisited at April 2024 committee meeting – Andrew Munk

RESOLVED

1.    For the Committee both note and comment on the report.