The meeting was scheduled to receive updates from the Cabinet Members for Inclusive Economy, Business, Skills and Greenwich Supports, and for Equality, Culture & Communities. A report pack was also provided with information about the council's approach to high value businesses and the Inclusive Economy Strategy.

Inclusive Economy Strategy

The report pack contains information about the Inclusive Economy Strategy¹, which was adopted in 2024. The strategy seeks to ensure that economic growth benefits everyone in the borough, addressing disparities in employment, business growth, and quality of life across different areas.

The report pack describes the council's plans to attract new businesses to the borough, to diversify the economy and to support residents into employment. These include developing a new Local Plan² and Affordable Workspace Strategy³, promoting the London Living Wage⁴ and the Mayor's Good Work Standard, and delivering externally funded employment programmes, amongst other activities.

Attracting and Supporting High Value Businesses

The report pack included a summary of the council's approach to attracting and supporting high-value businesses in the borough. It noted that Greenwich has approximately 10,000 businesses which in recent times has remained static in contrast to growth in London and England. It also notes that growth in the business base, especially high value businesses will create jobs, providing opportunities for employment and progression, and that there is increasing competition for inward investment across the region. The council therefore recognises the need to establish a proactive approach to attracting new private sector investment to the borough.

The report pack lists the largest businesses in the borough by number of employees and by turnover. This analysis found that a high number of the borough's largest employers are in the public sector.

The report pack describes how the council engages with businesses in the borough. These methods include business breakfasts, a business bulletin and a borough-wide business survey.

The council recognises the need to take a more strategic approach to engaging with larger, high-value businesses, relying less on the provision of basic business advice and guidance to more on relationship management, understanding and insight.

The report pack also describes how the council plans to attract high-value businesses to the borough in the future. These plans include:

• Developing an inward investment prospectus.
• Working with London & Partners and other organisations to promote the borough.
• Developing sector action plans for high-growth industries.
• Reviewing existing resources to prioritise support for high-value businesses.

The council also plans to continue the Anchored in Greenwich partnership. This partnership brings together major employers in the borough to support local supply chains, create new business space, and encourage businesses to adopt fair employment practices, such as paying the London Living Wage.

The partnership also includes Further Education and Higher Education institutions. The report pack highlights the importance of skills and the borough's universities in attracting high-value businesses. For example, it notes that since 2014 universities in Greenwich have helped to create 120 spin-offs and start-ups, creating 516 jobs.

Work Programme

The report pack also includes a draft work programme for the Inclusive Economy and Culture Scrutiny Panel for the 2024/25 municipal year. The most significant items are the presentation of a draft anti-poverty strategy and an update on the Culture Strategy at the next meeting, scheduled for 2 October 2024. The report pack also mentions that the Community Wealth Building 2022 Evaluation is scheduled to be presented in November 2024, and that an Inclusive Economy Strategy one-year review is scheduled to be presented in April 2025.