The impact of budget restrictions

The impact of budget restrictions on borough economic development activity

London boroughs are facing up to significant cuts being made across most areas of public funding.  Economic development, whilst remaining a priority for councils, will not be exempt.

London Councils and Greater London Enterprise (GLE) recently undertook research into how London boroughs are planning to manage their economic development activity in the light of cuts in funding and budget restrictions. This report publishes the findings of that research and sets up the next steps for London Councils and the London boroughs.

As the report highlights, there is no single solution. Boroughs are looking at taking a combination of measures that can be broken down into 4 key areas:

• Sweating current assets
• Closer working with the private sector
• Working in partnership with other boroughs
• Doing less with less

In moving the process on, London Councils and GLE will look to support boroughs through the changes and to ensure that wherever possible, local economic development services continue to be successfully delivered.