Welcome to our fifth Capital Ambition Annual Report, covering the strides made in 2012/13.
Last year we emphasised our pioneering work with local authorities to deliver improvement and efficiency for a better deal for Londoners in the face of national austerity. This year we are pleased to report that the core programme has gone from strength to strength: savings made and forecast are better.
Through past and on-going Capital Ambition projects enhancing collaborative procurement, creating shared services and supporting service redesign and improved productivity, London authorities have realised efficiencies of more than £98 million. Furthermore, forecast efficiencies from the programme are expected to increase to £374 million by March 2016. This represents a return on investment of around 9.4:1.
However, the major focus for Capital Ambition this year has been the future – ensuring the successful development and establishment of London Ventures – a new model service stimulating transformation and innovation in London public service - in collaboration with commercial entrepreneurs and investors.
Under the supervision of the Capital Ambition Board, EY (formerly Ernst & Young) has worked closely with local authorities and private sector businesses to develop and deliver this leadership support service, creating a first generation of 15 project concepts, with five becoming active projects in 2013 and a second generation underway.
A key aim is for London Ventures to become self-sustaining, drawing in a return from efficiency deals brokered and enriching public-private service relationships and adding public value in London on an on-going basis.
This year we emphasise the significance of the London Ventures approach. Reading the examples in this report, you will get a sense of the potential London Ventures offers us. If the Board had one key message, it would surely be – get involved with London Ventures and help transform and innovate for the best public services we can offer London.
Edward Lord OBE, Chair of Capital Ambition board