Agenda item

The Executive Member for Inclusive Economy and Jobs presented their annual report to the committee.

The Anchor Institutions Network, which was relaunched this year, was driven by a strategic long-term goal and had the potential for significant impact. For instance, initiatives like Arsenal hired local tradesmen and they have established a local trades directory for these anchor institutions. Steps were taken to reduce their reliance on zero-hour contracts and use progressive procurement policies, such as having a 20% social value in their procurement and strategies.

The Local Economies Officers had done remarkable work, as exemplified by the Archway's successful bid to transform into a Creative Enterprise Zone. This bid not only secured substantial direct investment but also explored innovative ways to utilise these spaces.

In the context of growth sectors, there was a strong focus on creating pathways for working-class individuals to access various industries. This included initiatives like a £250k grant to fund the Health and Social Care Academy, £400k for a net-zero carbon business accelerator that could help improve the Green Economy. Islington was also a lead borough in life sciences.

The LIFT program was designed to empower working-class individuals to pursue long-lasting careers in business-related roles. There was a need to encourage organisations to consider candidates they might not traditionally select, such as those without formal degrees.

Addressing inequalities was a key concern, as exemplified by London Met University's extensive research on BAME communities. For instance, research had identified that East African communities were the hardest to reach, highlighting the need for increased support and a more comprehensive data collection approach.

In response to questions from the committee, the Executive Member explained that there were many billion-pound companies in Islington and on the border in the City. It was important to convince these organisations to increase their social value and think more locally, not just globally. They needed to start providing more opportunities to working-class people. Councillors pointed out that some unions had yet to fully engage with these emerging areas of the economy and saw an opportunity to bring various stakeholders together to explore new models.

Councillors raised questions about the availability of local economy officers and how other wards could benefit from having them. The Executive Member explained that local economy officers were placed based on historical reasons and the need to support areas with a significant business community. The idea of expanding this support to other wards was discussed.

Regarding cultural apprenticeships, the focus was on creating opportunities for young people in the creative and cultural industries through initiatives like the creative enterprise program. There was also a commitment to exposing young people to local cultural opportunities. In addition, the Executive Member mentioned the possibility of getting larger organisations involved in local governance.

The status of childcare bursaries was addressed, with the government's new policy to support parents returning to work being a significant change. The Executive Member indicated that there might be a need to reconsider the allocation of bursary funds to address specific needs and ensure the right parents were being reached. There would also be a future task and finish group on affordable workspaces to address councillors' queries on this in more detail.

RESOLVED:

That the report was noted by the committee