How to ensure prosperity for 2030's West London

Oct 12 2010 A sub-regional economic forecast by West London Business

West London has a very successful £35 billion economy.

It was predicted in the London Plan that the sub-region would experience good growth, however, due to the events of the last two or three years the London Plan is now out of date and revisions need to be made to reflect these changes.

The future may not be as bright as the London Plan envisaged but the prospective economy of west London is still very promising. The area has a competitive advantage over other parts of London because of its prime assets, Heathrow, Park Royal and the Golden Mile. In addition to these prime assets, west London has a highly skilled population at its finger tips, a resource that needs to remain in the region.

West London Business, the Chamber of Commerce for West London has looked ahead to 2030, producing a medium to long term forecast to establish if the areas assets will continue to flourish and address the issue of whether west London will have a successful economy in 20 years time.

Frank Wingate, Chief Executive of West London Business will be presenting a sub-regional economic forecast at Place West London, a one-day conference and economic summit for the region held at Chelsea Football Club on 14^th October 2010. 

Frank Wingate provided a preview of the forecast by saying: “The view is that if the region maintains and nurtures its assets, its good skills force, the knowledge institutions such as the Brunel University and Thames Valley University and its good transport system, it will prosper.”

Frank continued: "Fundamentally the future west London will look very different, manufacturing will decline and the likes of IT, pharmaceuticals, bio-pharmaceuticals, health, media and Hi-Tech industries will grow. The landscape of west London will also change, they’ll no longer be a concentration of commerce; sprawling business locations are expected with a mixture of requirements.”

The different outlook is anticipated due to a lack of demand from big organisations wanting vast space, requirements are diversifying reflecting a change in working practices, and more community based working. The new generation are also very technology savvy, more mobile without the permanent office space requirements of past generations.

As a result big iconic office developments will not be as evident; instead there will be a continued focus on mixed use development with smaller flexible office space alongside residential. Town centres are expected to experience considerable change as a result of regeneration.

Frank concluded by saying “West London has good prospects but it will look different and it will need to be nurtured to ensure prosperity.”

The session at Place West London will provide detailed findings of the economic forecast for the sub-region.

Place West London takes place at Chelsea Football Club on 14^th October 2010; please visit www.placewestlondon.com for further information.