The next Mayor of London must commit to building 50,000 homes a year to ensure the capital remains attractive…
The CBI has called on the next Mayor of London to focus on keeping the city an attractive place for investors, while increasing skills and developing tourism.
The CBI’s London Manifesto has outlined what it hopes to see from mayoral candidates in the future, and has set out the key priorities for housing, infrastructure, planning, digital skills, trade, tourism and financial services.
One of the key components of the agenda is the call to ensure a new housing strategy is in place within 100 days of taking office. The CBI said the new mayor must offer a commitment to build 50,000 new homes per year.
Additionally, it called for major infrastructure projects, which could benefit construction firms in the capital, to go ahead. This includes the controversial runaway in the south east, and the delivery of Crossrail 2.
The CBI said the mayor should continue to implement the existing 2050 London Infrastructure Plan, as well as giving more power to the London Enterprise Partnership.
CBI’s London Director Lucy Haynes said: “London’s star has continued to rise over the past few years. From setting a new standard for hosting the Olympic Games to the emergence of Tech City, the capital has shown the world it is still the best place to grow, do business and thrive.
“But in an increasingly competitive global race, the next Mayor must take some tough decisions from day one for London to continue to grow and prosper, and to keep the city a magnet for investment and skills.
“From building the 50,000 homes a year the capital needs to house its talented workers, and a new runway that will boost our exports to high growth markets, to making the city a global beacon for digital and technological skills, London’s next leader has a unique opportunity to plan ahead, and position the city at the head of the pack.”
The CBI said the huge cost of living in the capital, a lack of housing stock, and high rents meant it was imperative the next mayor work to tackle these issues.
The organisation said more work should be undertaken with the London Land Commission to incentivise local authorities to unlock public sector land and brownfield sites.
There should also be support for the ‘Build to Rent’ scheme, which will improve the quality and quantity of private rental housing.
On the planning front, the CBI said some £1.3tr worth of investment would be needed to improve and expand London’s energy, water, transport, and digital infrastructure by 2050. The next mayor should look at how increasing planning application fees could speed up the planning process.
The city should also develop a circular economy strategy, with the aim of becoming zero-waste. This would create 40,000 jobs by 2036.
A major issue in the construction sector is the shortage of skilled workers. The CBI said this should be addressed by raising the Tier 2 immigration cap, and by extending science, technology, engineering, and mathematics education to primary schools. This would enable a home-grown workforce to develop.