London needs to make the most of the opportunities created by the Olympics to strengthen its long-term competitiveness and ensure that all Londoners have an opportunity to benefit from economic growth. Work is ongoing to capitalise upon the Olympic Games to make a difference to the physical infrastructure and socio-economic outcomes in East London. However, the economic legacy of the Olympics remains an area where a vision for the long-term legacy of the Olympics could be articulated in greater detail. In the context of economic recovery and the growing importance of knowledge intensive jobs and industries, London faces two challenges – capitalising upon its strengths as a global knowledge city in order to grow the economy and managing the risk that some individuals and places in London will be left behind without intervention.
London’s economic competitiveness needs to be understood in the context of the global shift to increasingly knowledge intensive economies. London has been a significant beneficiary of this shift and there is a case for arguing that it was the global capital of the knowledge economy in 2008. Its recent productivity, innovation and competitiveness have been driven by significant growth in knowledge intensive industries and an increasingly highly skilled population, which in turn has fuelled demand and employment rises in other sectors such as tourism, retail and construction. It meets or exceeds The Work Foundation’s criteria to be an ‘Ideopolis’: a sustainable knowledge intensive city that drives growth in the wider city region.
As the economy moves into recovery, we can predict that it will reshape primarily around industries making use of knowledge based assets – and this will create both opportunities and challenges for London. London already has many of the assets a 21st century knowledge city requires: high skill organisations, world-class universities, a large pool of talent, connectivity, quality of life and a strong reputation. Yet it constantly needs to sustain these strengths at the same time as managing its weaknesses. Post recession, London’s high costs, congestion and its reputation as a financial centre all
need to be dealt with – as do high levels of youth unemployment and entrenched spatial disadvantage in areas such as East London.
The Olympics creates a specific opportunity for London’s future competitiveness because itis a moment in time when London will be on show to the world. The experience of previous host cities suggests that the Olympics have the potential to create a lasting legacy for physical infrastructure, economic outcomes, social outcomes, sustainability and/or the international reputation of the host city – although it cannot be regarded as a panacea.
Lessons can, should and are being learned from the experience of other host cities and London’s partners are already undertaking a wide range of activities that will support both the acceleration of the transformation of East London, making it a more integral part of the wider London economy, and strengthen London’s brand. Yet more needs to be done to pull all these activities together to ensure they are complementary and that physical, economic and social regeneration plans all aim to achieve shared objectives.
Editor's comments - [ This report was commissioned by the Department for Culture, Media and Sport in late 2009. The Work Foundation was asked to strategically review how the London economy might emerge from the economic downturn to 2030 and how London can fully exploit the opportunities created by the Olympic Games in the recovery.
This report examines how the London economy might emerge from the economic downturn to 2030 and how London can fully exploit the opportunities created by the 2012 Olympic and Paralympic Games in the recovery. For the purpose of brevity the 2012 Olympic and Paralympic Games are referred to throughout the report as the Olympic Games or the Olympics.The report reviews how the Olympics might contribute to London’s future in a more knowledge intensive economy. It was commissioned by the Government Olympic Executive in November 2009 and the research was undertaken in January and February 2010. It reviews how recession and recovery is likely to affect London’s economy and the opportunities created by the OIympics. It sets out a series of recommendations about how the government and its partners might capitalise upon the Olympics to enhance London’s economic success and to improve the life chances of its residents. ] Reference this?Cryer, J. (Year). This page title in italics. Retrieved date, from <this page's full URL>
In the text: Cryer (year)
Reference : Work Foundation. (2010). A Lasting Legacy: How can London fully exploit the opportunities created by the Olympic Games in the recovery and to 2030?. London: The Work Foundation
The above reference is in the APA style: See why this is important in our [how to reference] us guide.
Download this document [Use of this document may be limited by © copyright ; by downloading you consent to our terms and conditions ]