Welcome to the London Launch of the Waltham Forest Sustainable Community Strategy.
This Strategy represents a huge collaborative effort involving 2,500 residents, businesses and stakeholders.
And it comes at a time when - due to an unprecedented fusion of opportunities - we find ourselves within striking distance of London’s key economic centres and growth corridors.
In my view Waltham Forest is the best kept secret in London: a Borough of largely untapped economic potential and an increasingly attractive prospect for investors and economic development.
But of course this new age of opportunity also presents huge challenges - particularly around the skills of our residents and their readiness to benefit from East London’s transformation.
So today I want to give a brief overview of our economic advantages and the key challenges we face.
Firstly our prime strategic location gives us a pivotal role in Greater London.
We are poised to benefit from East London’s new waves of population growth and prosperity. Waltham Forest straddles the 2 corridors earmarked to accommodate the capital’s growth: the Thames Gateway and Stansted-Cambridge. In each growth area, a population increase equivalent to a whole new London Borough is anticipated over the next 20 years - providing a critical mass of consumers and new markets to exploit.
Our location neighbouring Stratford City and at the Northern edge of the Olympic Park makes us a key player in one of Europe’s largest regeneration projects. Moreover as an Olympic Host Borough we can expect international exposure and an opportunity to develop brand recognition and our credentials as a business destination.
And our proximity to the dynamism of Canary Wharf and the Docklands connects us to a world of global finance.
By 2016 there could be up to 150,000 new jobs at Canary Wharf; 30,000 in Stratford City; 40,000 in the Thames Gateway; 50,000 in the Lea Valley; and 450,000 across Greater London. This is a city of almost unlimited opportunities and powerful social and economic forces are bringing us closer than ever to its economic heart.
Secondly we are an accessible and an affordable Borough.
It takes between 10 and 25 minutes to get into Central London from the north and south of the Borough - via rail links to Liverpool Street and the Central and Victoria Lines respectively. We have access to the M25 and North Circular, good rail links to Stansted and City Airports and we are very close to Stratford’s International Passenger Terminal.
We offer - relative to London as a whole - low rent on commercial sites and for workspaces. House prices remain low compared to average London prices and as a local authority we are committed to meeting challenging targets on the provision of affordable housing.
Thirdly we have established a partnership model - uniting civic and business leadership - to help drive regeneration and expand the Borough’s business base. The shared vision - advanced by our LSP and Business Board - is to create an entrepreneurial Borough in which profitable businesses thrive and create good quality employment for residents.
Fourthly, and partly due to the decrease in manufacturing industries in recent years, we have a number of high quality development opportunities. Walthamstow Town Centre and Blackhorse Lane are flagship regeneration sites - both with massive potential to be transformed into revitalised mixed use centres. Leybridge Road, Leyton Station, Whipps Cross, the Arcade Site, Sutherland Road and the Station Hub are all equally attractive locations for potential investors.
Fifthly our Borough’s growing, youthful and internationally facing population provide a rich resource of varied consumers for local businesses.
So - we have a prime strategic location; our Borough is accessible and affordable; we have a Partnership model uniting civic and business leadership; we offer a number of high quality development opportunities; and we have a growing, youthful and internationally facing base of consumers. A unique set of advantages - each complementing one another and strengthening our economic potential.
But of course we still have much work to do and many challenges to surmount.
Because, on the current direction of travel, we are set to fail in our efforts to capitalise on these advantages. Yes Waltham Forest and our sub-region will see unprecedented investment and economic development. But - due to our low skills base and aided by Crossrail - the new East London opportunities look set to be taken by workers from the wider London labour market.
At worst we might be about to witness a Canary Wharf Mark II - huge transformative and iconic developments that for the most part bypass residents and leave us even more disconnected from London’s prosperity.
Stopping this scenario in its tracks now needs to be our defining purpose. It’s our biggest challenge for a generation.
Of course we must ensure our transport infrastructure meets local employment aspirations: helping residents to get around the Borough and to emerging economic centres more easily.
But reaping the benefits of our strategic advantages and connecting residents to new jobs will also require an unwavering and coordinated effort to liberate talent - correcting skills mismatches and raising aspirations.
We must seek partnerships with Government, the voluntary sector and businesses to wage the biggest anti-poverty and skills drive Waltham Forest has ever seen. Our purpose, narrative and vision are all clear - tackling worklessness and upskilling our workforce to help residents benefit from East London’s economic revival and to entrench a new era or prosperity and ambition.
So there are challenges and opportunities. If we get this right - and connect our residents to the new jobs and economic opportunities - we have a once-in-a-lifetime opportunity to create a more prosperous Waltham Forest.
Waltham Forest is the best kept secret in London. It’s time to let the secret out.
