East London still racing ahead as Olympic boom creates 110,000 jobs

A major report has revealed that east London is the fastest growing part of the capital as the “Olympic effect” continues
Anthony Charlton/Getty Images
Pippa Crerar9 October 2017

East London is the fastest growing part of the capital as the “Olympic effect” continues to attract jobs and investment, a major report reveals today.

The study revealed that an extra 110,000 jobs have been created in the area since the 2012 Games — more than three times the number forecast four years ago.

Mayor Sadiq Khan, who commissioned the data, said it showed that the capital’s centre of gravity was moving east as he addressed the Evening Standard’s Leading London conference.

The boom is expected to continue with an additional 125,000 jobs across the six Olympic boroughs by 2030, with many of these predicted to be in science and technology.

Sadiq Khan: The mayor said the capital’s centre of gravity was moving east
Daniel Hambury

Mr Khan told the event: “The legacy of the 2012 Olympics is not just about the Queen Elizabeth Olympic Park. It is about delivering regeneration for an area of London that we want to last for decades to come. I am pleased to see this area of London is providing tens of thousands of new jobs for Londoners in important industries like technology, science and media.

“This is great news for east London, great news for our city and our country. It shows what can be achieved by bringing together a world-class public realm, access to culture and proper co-ordination between affordable housing, social infrastructure and transport, and should be a good example of providing good growth across our city.

“Businesses, universities and cultural institutions are flocking here and the centre of gravity in London is moving east.”

Other speakers at the business innovation event included Evening Standard editor George Osborne, LSE professor Tony Travers, Network Rail chair Sir Peter Hendy and writer and social health expert Julia Hobsbawm.

The report, by Oxford Economics, found that 50,000 jobs have been created in Tower Hamlets since 2012 while Newham, with 17,000 more, and Hackney, with an extra 25,000, have seen growth five times larger than expected.

There are now more than two million people living in the area, a significant increase since the Games, and 170,000 more than predicted at that time.

Mr Khan also set out plans to bring together some of the world’s best arts and education institutions to create “one of the largest cultural and educational destinations within Europe.”

The joint event between the Evening Standard, the London Legacy Development Corporation, Here East and International Quarter London, highlighted the changing landscape London businesses need to work within.

Leading London Event - In pictures

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