Regeneration

Tower Hamlets has one of the most diverse local economies in the UK. The last three decades have seen massive structural change - made necessary after the rapid decline in the traditional dock-related industries that dominated the area for hundreds of years.

Radical restructuring of these industries, plus the emergence of a broader mix of trades - including a thriving new finance and business district at Canary Wharf - have turned the local economy around.

Derelict buildings and vacant land have been transformed into wharf side apartments and some of the most modern office complexes in London.

The regeneration of Tower Hamlets is a continuous process. The massive change experienced in recent years, characterised by major redevelopments and a host of initiatives, is likely to continue for the next decade.

As part of the overarching aim of the Local Strategic Partnership to improve the quality of life for all who live and work in the borough, the Council have developed a Regeneration Strategy (pdf 1.3mb). This strategy was developed by a wide range of organisations and individuals working together through the Tower Hamlets Partnership. It sets out a clear picture of how we want to see Tower Hamlets develop over the next decade. Our aim is to see a thriving economy that employs more local people, involves locally owned businesses and secures investment to create high quality local neighbourhoods. The strategy presents a framework with four key priorities to guide interventions, an action plan setting out key work areas to be developed and an evidence base that summarises some of the key data. It works in tandem with the Local Development Framework

It is crucial that the economic benefits of this inward investment are effectively harnessed and made to work for the people and businesses of Tower Hamlets - to give them a real share in the prosperity of the future. There are a number of Inward Investment Initiatives operating in the borough which aim to focus opportunities on the priorities set for particular areas. These initiatives are complemented by the Area Action Plans in the Council's Local Development Framework in the council’s Unitary Development Plan (UDP) which set the planning agenda for the areas in order to maximise regeneration opportunities as well as respecting the unique area characteristics, and balancing local and strategic needs.

The council’s Access to Employment and Investment & Business services aim to ensure that local people can benefit from the changes taking place in the borough through new employment and business opportunities.

The Access to Employment service ensures that the council plays a full and effective role in a range of national, regional and local initiatives designed to reduce unemployment and get local people into work.

In particular the service plays a leading role in developing pathways to employment and overseeing a wide range of training and skills development initiatives delivered by a variety of agencies and the third sector to ensure that they support the delivery of the borough’s strategic objectives.

The team works closely with other agencies and the Local Strategic Partnership to maximise influence and opportunities for local people. It also works closely with the council’s corporate human resources service to ensure that local people have access to employment within the council.

The Investment and Business services include inward investment, business development and tourism which is identified as one of London’s key growth industries. It plays a key role in marketing the borough to businesses, potential investors and visitors.

A key aspect of business development role is the development of detailed plans to support the take up of new enterprise opportunities by local residents and existing businesses. The team also provides business tourism and visitor products.

The team develops and supports a wide range of partnerships to ensure effective service delivery and the development and piloting of new innovations to support local business development and to attract inward investment.

Pid No: 823