Council plans quality-of-life measurements to tackle ‘hollowed-out’ London economy

Hackney Council is planning a new economic strategy that rejects reliance on the ‘trickle-down’ effect of economic growth, saying that this has allowed inequality to increase in the borough.

Central to the Town Hall’s strategy will be a system of new economic measurements, including quality of life, feelings of community belonging, and health and wellbeing, as well as more traditional measures such as income levels.

The council has taken criticism in the past for appearing to “not care” about BAME business owners, with calls made for a local charter and for the Town Hall to offer small business loans.

Cllr Guy Nicholson (Lab, Homerton), cabinet member for planning, culture and inclusive economy, said: “The intention is now to take this back out for a further exchange and dialogue, and an opportunity to bounce back thoughts, both complimentary as well as critical perhaps.

“On that basis, we plan to bring all that together leading towards October where we can bring the strategy forward for adoption and final implementation.

“”In curating capitalism at a local level, we can go so far at a local level, but you very quickly find that you need that national lever to be able to really embed that new democratisation of an economy into people’s lives and their business activities.”

Sonia Khan, Hackney Council’s head of policy and partnerships, added: “We have taken on board the sessions with businesses and stakeholders, as well as the session the commission held with BAME businesses. We really appreciate the opportunity to work alongside and draw on that.”

The strategy, which will be split into three parts, intends to maximise how much affordable workspace is in the borough and connect residents to support and opportunities, with a recognition that “London’s economy is hollowing out, there are fewer mid level jobs today and there has been a rise in more insecure forms of employment.”

Councillors were quick to manage expectations of how much can be done at a local level, with Cllr Polly Billington (Lab, De Beauvoir) saying: “There is a policy gap between what we can do at local level and what needs to be done at national level.

“The fact that we have this gentrification now in Hackney, it’s only a matter of time before that ripples out to other boroughs and they are going to meet those challenges.

“If we want a nationally inclusive economy, some big things have to happen at national level.”