Local economic assessments

In April 2010, every Borough was tasked with undertaking a Local Economic Assessment (LEA); an estimate of the economic conditions within the local area, including:

• Local economic links and how the local market fits in with the wider sub regional and regional markets
• the comparative strengths, weaknesses, opportunities and threats facing the local economy
• a review of the regeneration challenges of the area
• an analysis of the local causes of worklessness
• the impact of local economic development on the environment.

The statutory guidance on LEAs has been withdrawn, and the duty to undertake an assessment is under review, but many boroughs may wish to press on with producing the LEA as a tool to inform both local budget and investment strategies and to feed into regional strategies on economic development.

London Councils has worked with the GLA, LDA, sub-regional partnerships and boroughs to develop a Memorandum of Understanding (MoU) that sets out a common core of evidence. The MoU also sets out some of the roles and responsibilities for each of the key partners, which reflect the commitment made by borough leaders and the Mayor through the City Charter to work together to ensure London is in the best position to tackle the current economic difficulties, make London safer and will deliver better services to local communities. Read or download the Memorandum of Understanding

To assist boroughs in carrying out the LEA, London Councils has identified the practical guidance available plus pointers to where the data can be found in our background information pages. Read the background information Opens in a new window