About the Growth Boroughs
The Growth Boroughs are some of the most vibrant, diverse and dynamic places in the capital. From the O2 to Canary Wharf to Westfield Stratford City, new city districts and leisure destinations are rapidly expanding. The area is already rich with history and sites of historic or national interest include the Maritime World Heritage Site at Greenwich, the Tower of London, the Thames Barrier, the Geffrye Museum, the William Morris Gallery and Barking Abbey to name a few.
The 2012 Games added to this, bringing new iconic buildings and cutting edge facilities into the area as well as providing an international spotlight promoting potential new investment. In addition to what was developed for the Games, major investment is planned in developments within the Queen Elizabeth Olympic Park and across the six boroughs, such as the further phases of Stratford City, the extension of Canary Wharf and the Dagenham Dock redevelopment.
Residents in the Growth Boroughs have started to feel the benefits of this in terms of jobs and investment in their area but the scale of the task to achieve Convergence is huge as we come to terms with rectifying centuries of poverty and deprivation against a background of reducing public spending, rapid population growth and migration.
Work carried out for the Growth Boroughs by Oxford Economics in 2010 highlighted that investment in east London would have major positive economic and fiscal benefits for London and the UK as a whole. The economic model forecasts that the area will outperform other UK regions during the economic recovery and it is likely to be one of the most significant growth points in the UK economy. If productivity and employment rates in the sub-region had matched the average across London as a whole, the UK GDP would have been £5.9bn higher and public borrowing could have been £4bn lower in 2008.
With the right policies in place, the Growth Boroughs could become a net contributor to the UK economy, generating an additional £6-7bn to GDP each year by 2030. These figures underline the importance of the principal of Convergence to Growth Borough residents, to London and to the UK as a whole.
The Growth Boroughs are determined that this growth forecast will be realised for the benefit of people living here and that the economic growth creates opportunities for training and employment, and in turn a route out of poverty.
To this end a joint statement was signed by the six boroughs and the Mayor of London confirming commitment to prioritising investment into the area and securing its growth potential.
Oxford Economics produced a refreshed version of the report in 2013 to take into account new data releases, major population count revisions and a changing macro outlook.