Economic Impact Assessment

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Economic Stimulus - 19th January 2010

In order to better understand the commercial district in Camden Town and provide meaningful development programmes and supportive policy, CTU, in conjunction with LBC commissioned an Economic Impact Assessment for Camden Town. CTU is keen to correct misconceptions around Camden Town's primary economies; ie not simply nightlife and tourism, and through this research, gained an insight into the true economic make up of Camden Town.

The EIA revealed that Camden Town has twice the concentration of creative firms than the average for inner London, and has a higher concentration by percentage than Shoreditch, Paddington, Borough and Hammersmith. Camden Town is a hub for creative industries in London, with over 5,000 (25%) of it's workforce employed in this sector. It is therefore essential that Camden Town is recognised as a major creative industries hub, with the potential for further growth. 

To change the debate on Camden Town away from tourism, nightlife and crime, and onto how it can play a full role developing LB Camden’s economy we have identified three areas in the Economic Impact Assessment that we intent to use as strategic goals in our next term. 

1) Economic Development Strategy

·         Adopt some of the recommendations identified in assessment in order to support development of Camden Town as a commercial district and particularly as a creative industries hub

·         Inform the development of the LDF and long term decisions regarding where to site new business growth

·         Unlock funding to deliver pr 

2) The London Plan/Mayors Economic Development Strategy/Mayors transport plan

·         Use the findings to inform discussions regarding policy and funding investment

·         Use the commitment to ‘support and enhance creative clusters’ in the London Plan and supporting documents as a lever

·          Align LB Camden & CTU’s lobbying strategy 

3) Placeshaping

·         Informing decisions made by the placeshaping board

·         Build on success of initiatives such as Wedge and pop up shops

 

 

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