The Mayor of London Sadiq Khan has launched a plan today (3 April) to create 150,000 jobs in the capital in key growth areas including artificial intelligence, climate technology and life sciences.
Khan unveiled his London Growth Plan – which depends on him being re-elected as Mayor on 2 May – alongside shadow chancellor Rachel Reeves.
He said the execution of the plan would be developed in collaboration with councils, businesses and trade unions.
The Mayor’s Fund for London, a charity, will also work with private sector employers to help poorer people get into the labour market, he said.
The new jobs will come from both established sectors in the capital such as financial services, but also growing sectors such as AI, cybersecurity, health and life sciences. Khan also said he would champion the creative industries such as fashion, film and gaming.
London labour market
The aim is to create 150,000 “high quality, well-paid jobs for the young Londoners who need them most” by 2028.
Khan said: “London’s economy is now growing faster than any other region, but we’ve been held back by years of economic failure, incompetence and uncertainty by successive Tory governments.
“London has so much more potential that can be untapped – not only for the benefit of our capital city but the whole country.”
Reeves said that if Labour wins power in the next election, it would “reset the relationship between national government and London”, something that has been fraught in recent years.
“We will put an end to the Tory government’s damaging and counterproductive approach of talking London down and not valuing the vital contribution it makes to our national economy,” she said.
Labour has already pledged a number of labour market-focused initiatives, including sector-based deals in industries such as automotive, and sector-specific collective bargaining powers.
According to consulting firm EY, jobs in London and the south are already expected to grow at a faster rate than the rest of the UK between now and 2027.
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