For a generation now Tower Hamlets has had a 'business model'
Growth in central London office employment has driven demand for residential property & new office space, both generate immediate & long term £ benefits
Always more people wanted to live here then we had space for
1/
Growth in central London office employment has driven demand for residential property & new office space, both generate immediate & long term £ benefits
Always more people wanted to live here then we had space for
1/
TH Council did not have to do anything, cash would roll in
S106/CIL/New Homes Bonus for infrastructure
New Council tax in tall buildings which barely use Council services (even waste collected for them in big bins)
Business rates income to partially alleviate losses from gov
2/
S106/CIL/New Homes Bonus for infrastructure
New Council tax in tall buildings which barely use Council services (even waste collected for them in big bins)
Business rates income to partially alleviate losses from gov
2/
It did not matter whether TH Council did a good job or not, demand to live / work here driven by external factors
Did not have to compete on quality
Did not have worry about quality of life, who cares if people leave for other places
And not under as much £ pressure as others
3/
Did not have to compete on quality
Did not have worry about quality of life, who cares if people leave for other places
And not under as much £ pressure as others
3/
Young transient population, fewest number of over 65s meant less pressure on Council services compared to others
Investors willing to overpay for central London property subsidised delivery of affordable homes
But what if that 'business model' is screwed along with Pret, TfL?
4/
Investors willing to overpay for central London property subsidised delivery of affordable homes
But what if that 'business model' is screwed along with Pret, TfL?
4/
What do we do next?
When we need to help keep business in the Borough
When we need to be attractive to residents to encourage them to stay?
When funding genuinely becomes more of a problem?
What will the new 'business model' look like?
We have huge assets already to help
5/
When we need to help keep business in the Borough
When we need to be attractive to residents to encourage them to stay?
When funding genuinely becomes more of a problem?
What will the new 'business model' look like?
We have huge assets already to help
5/
River Thames, docks, parks, cultural assets, diversity, education etc
But will require huge changes of all of us to make TH a more attractive place that retains its population, that businesses want to move into, that finds new sources of £
How do we get to that new model?
6/
But will require huge changes of all of us to make TH a more attractive place that retains its population, that businesses want to move into, that finds new sources of £
How do we get to that new model?
6/
