Unveiling what he is calling the London growth plan, Khan said he was allocating hundreds of millions of pounds in devolved funding in an attempt to return the annual productivity growth of the London economy to the levels seen before the 2008 financial crisis.
Central to Khan’s ambition of adding £107bn to the size of the London economy by 2035 will be rebooting its productivity growth after a dismal performance in the UK and other advanced economies since the 2008 financial crisis.
Hitting Khan’s targets would involve London’s productivity growth reaching an average of 2% a year between 2025 and 2035.
So our goal is to deliver economic growth in every corner of our city that helps to raise living standards, puts more money in people’s pockets and enables us to invest in our public services, as we continue to build a fairer and more prosperous London for all.”.
While London remains Britain’s most productive region – at more than 25% above the national average – City Hall’s own analysis shows the capital has suffered a far deeper slowdown in growth rates over the past 15 years.
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