Tell us what you think about our draft Economic Strategy for 2022-30

Overview

A new economic strategy for Southwark

Southwark's Economic Strategy 2022-2030 will set our ambitions for Southwark’s economy to 2030 and beyond, leading to a fairer, greener and more resilient economy in Southwark.

It has been developed at a time of great change and uncertainty. Simultaneous once-in-a-generation events in Brexit and Covid-19 struck in 2020 and the impacts of both on the resilience of our businesses and communities, already far-reaching, will continue to shape their fortunes in Southwark for many years to come. 

The climate emergency and Southwark’s goal to become carbon neutral by 2030 are driving a further fundamental shift, changing how we think about the economy in terms of emissions, risks from global heating, and how we achieve a fair and just transition to a greener economy. At the same time, significant increases to the cost of living threaten to drag more people into poverty and further harm those who are already struggling with daily expenses.

Underlying these challenges are questions of fairness and inclusiveness in our economy.  The Covid-19 crisis has starkly highlighted the inequalities in the borough and intensified them in many ways. Southwark Stands Together frames our response, and its principles will be at the heart of our strategy to see the borough through the years ahead.

From ‘local growth’ to an inclusive economy

Our 2017-2022 economic strategy, ‘a partnership for local growth’, set out ambitious goals for securing Southwark’s recovery from the financial crisis and subsequent recession. With a focus on inclusive growth, the principal aim was to capture the benefits of growth for Southwark residents and businesses.

This approach has delivered many successes.  Since 2014, we have supported over 10,000 residents into work, and created around 4,000 apprenticeships. Over the same period, we helped grow Southwark’s business base by one-third and increased five-fold the number of accredited London Living Wage employers in Southwark. Despite these successes, the challenges of the past few years demand that we review our approach.

Southwark will continue to encourage growth in the local economy and we will redouble our efforts to support our residents and businesses to benefit from the opportunities this creates.  However, a future strategy cannot rely on growth alone to narrow inequalities in economic opportunity and prosperity within the borough. 

Towards 2030, we will refocus towards shaping a more inclusive local economy, working with business and other stakeholders to meet the challenges of the climate emergency, building economic fairness and resilience within all of our communities and across the economy as a whole. 

Our overarching ambition is to: Work collectively to deliver an economy that is fairer, greener and more resilient for the residents and businesses of our borough. On page 3 of the strategy we explain what we mean when we use the terms fair, green and resilient to describe the economy we want.

An evidence-based strategy

In autumn 2021 the council commissioned a review of Southwark’s economy, to highlight key challenges and provide recommendations for delivering an economy that is fairer, greener and more resilient. This report, which can be viewed here, and an earlier round of consultation, have informed the development of the draft economic strategy to date. We are now inviting further comments, challenge and ideas from residents, businesses and partners to shape the final version of the strategy.

Why your views matter

Sharing with us your thoughts on our new economic strategy

In the following pages we summarise our draft strategy for achieving a fairer, greener and more resilient economy for Southwark, presenting the strategic challenges we face, and the missions and objectives we have set ourselves in order to achieve our overarching ambition.

There are 10 challenges in total, separated by theme, each with a corresponding mission and set of objectives – all of which you are invited to give your thoughts on. For further information on these, you are signposted to the relevant section in the strategy.

At the end of the survey you will also have the opportunity to provide us with any further comments you might have on the strategy.