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East London Mayors and Leaders to drive inclusive economic growth ambition with Mayor of London in the face of the cost of living crisis

East London Mayors and Leaders to drive inclusive economic growth ambition with Mayor of London in the face of the cost of living crisis

Press Release 19/10/2022

The Mayors and leaders of Newham, Hackney, Tower Hamlets and Waltham Forest, representing the Growth Boroughs Partnership (GBP), signed a Memorandum of Understanding (MOU) today (October 18) at City Hall with the Mayor of London, Sadiq Khan, and the London Legacy Development Corporation (LLDC) as they look ahead to the next 10 years to drive a shared ambition for inclusive economic growth for residents across east London in the face of the cost of living crisis. 

Addressing entrenched issues of inequality over the next decade is set to be the focus of the joint mission between the Growth Borough Partnership, the Mayor of London and the LLDC as the 10-year anniversary of London 2012 draw to a close. This will include the publication of a joint inclusive economy strategy to mitigate the cost of living crisis facing communities in east London. 

The MOU sets out how a shared ambition and joint working between Newham, Hackney, Tower Hamlets and Waltham Forest and the Mayor of London will continue to be the cornerstone for securing sustainable and inclusive economic growth for the residents and communities of east London in the coming decade, including: 

  • Town planning powers returned to the four growth borough on the 1st December 2024;
  • Working together to ensure the Park is retained as one ‘Great Estate’ that delivers long-term, financially sustainable, social and economic benefits for local people;
  • Aligning strategic plans through a GBP and LLDC Joint Inclusive Economy approach so that the benefits of development and growth on and around Queen Elizabeth Olympic Park are experienced by more local residents
  • Enabling genuine community involvement in the evolution of the LLDC as a Mayoral Development Corporation, which also reflects the local democratic mandates of local representatives. 

The Mayor of London, Sadiq Khan said: “The 2012 Olympic and Paralympic Games breathed new life into east London and helped to drive billions of pounds of additional investment into the area for new affordable homes, transport links, business districts and entertainment.  

“The Olympic legacy is not just about celebrating the success of the last ten years, but looking forward to the next ten and the years beyond that. I look forward to working with councils and partners to carry on the fantastic work of the last decade so that we can continue building a better, fairer, more prosperous London for everyone.” 

Rokhsana Fiaz, Mayor of Newham and chair of the Growth Borough Partnership Board, said: 

“As boroughs, we've worked hard to ensure that local people and businesses in east London are the first to benefit from the huge opportunities London 2012 have created. The 10-year anniversary does not mark the end of the Olympic legacy, and its right that we now renew our focus ensuring we address entrenched issues of inequality, and identifying opportunities to re-build economic prosperity and help mitigate against the cost of living crisis. This moment marks a shared commitment to deliver this across all partners”