Issue details

This report presents to Cabinet an update on the development of the next phase of the Council’s pioneering Industrial Strategy: Upstream London, launched in late November at an event at the new WEST Youth Zone in White City. The goal is to make the borough a global hub of innovation and inclusive growth.

It follows the establishment of a partnership with world-leading Imperial College London in 2017 to establish a cluster of science, technology, engineering, maths, medicines and media (STEM³) businesses around Imperial’s existing research and development to create a world-leading economic ecosystem in future industries.

The Council has now set a clear strategy to grow a localised economic ecosystem, with a focus on the sectors that are set to grow and that are deemed right for the local area. This comes at a time when the Greater London Authority is developing their London Growth Plan, set to launch in January 2025.

Since the inception of our Industrial Strategy, the Council has helped to generate £6billion of high-growth business investment, creating over 13,000 jobs, increasing opportunities in the community through working closely with partners including anchor institutions, businesses and investors.

At the same event and as a central part of Upstream London, the Council also launched the Upstream Pathway Bond, a groundbreaking initiative giving people a clearer pathway into new careers and more opportunities to develop new skills.

By utilising relationships with businesses and with the international partnerships the Council has developed, young people will have more opportunities than ever before.

Organisations who sign up offer advice, work experience, apprenticeships, interview skills, mentoring and inspiration - even travelling abroad to experience our partner innovation districts. In return, businesses have a highly-skilled workforce on their doorstep.

This report covers a ‘white paper’ vision document launched at the late November event mentioned above; structures put in place to ensure a ‘whole Council’ approach to delivery, with appropriate Member oversight; proposals for staff engagement; and the intention to put in place a delivery plan.