London mayor Boris Johnson has this week pledged £40 million towards encouraging growth and jobs in the capital.
Mr Johnson has announced a sizeable funding package to aid the expansion of small-and-medium businesses (SMEs) – who contribute 50 per cent of all employment opportunities in London – whilst supporting companies linked to technology, science and infrastructure.
According to london.gov.uk, the mayor has set his sights on boosting private sector investment within these areas in an attempt to make the capital’s economy more competitive.
Freshbusinessthinking.com claims £25 million of the pot will be used to create a scheme which helps SMEs gain funding to aid their expansion. The Mayor may have prioritised support for this sector due to its existing contribution to the economy, which stands at £430 billion.
The remaining £15 million is to be injected into the capital’s science and technology sectors or infrastructure, although Mr Johnson says he’s looking for more investors to come forward and pledge their support for businesses linked to these areas.
To aid his cause, Mr Johnson has set out a series of recommendations for local businesses in a new strategy, published by the London Enterprise Panel (LEP), which goes on to identify other areas that could be of economic importance.
Mr Johnson said his top priority was getting the city’s economy moving and creating more jobs in London.
“Today’s fund, which will enable significant support for small-medium businesses, is just one way we are working to unlock potential and provide jobs for our growing city,” he commented.
“I look forward to collaborating with the LEP as we champion further ways to ensure London retains its competitive edge among world cities.”