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A decade ago, Fraser Nelson sparked a sobering debate about the health and structure of the United Kingdom’s economy. He compared the UK’s GDP per capita with that of each state in the United States, concluding the UK would “be the 2nd-poorest state in the union”, just ahead of Mississippi. Since then, achieving significant economic growth, that benefits everyone, remains one of the major challenges for London and the UK as a whole. However, there has been a welcome shift in the prioritisation of growth from the Government. With this, there remains a space for Local Government to pioneer new thinking to aid the Government’s agenda to achieve growth.

In 2017, Hammersmith and Fulham Council launched a unique local industrial strategy which aimed to transform the Borough into a global economic hotspot. Partnering with Imperial College London, we established the now world-renowned White City Innovation District and a cluster of science, technology, engineering, maths, medicine and media (STEM³) businesses was built around existing impressive research and development to create a world-leading economic ecosystem in future industries.

The Council’s approach saw significant investment into sectors identified as growth sectors in the Government’s new national Industrial Strategy. Since 2017, our industrial strategy has helped to attract £6 billion of high-growth business investment; created over 13,000 jobs; and increased opportunities in the community, through working closely with partners including anchor institutions, businesses and investors.

Now, the Council are embarking on the next exciting phase, Upstream London, working to ensure future economic growth is truly inclusive for all in the Borough, and to create the Hammersmith & Fulham Upstream Pathway Bond, a groundbreaking initiative giving people a clearer pathway into new careers and more opportunities to develop new skills. Through utilising our relationships with businesses and the international partnerships we have developed, young people will have opportunities to travel abroad for work experience with our partners.

Next year, Upstream London will launch its Cooperative Growth Convention. This will bring innovation districts together from around the world to promote themselves and accelerate the benefits of our growth alliance. By further entrenching these relationships and working with partners, the Council will be able to reap rewards so that all our residents benefit from these relationships.

Undeniably, the combination of a local authority’s soft powers to convene and build consensus, alongside its hard powers on planning, placemaking, infrastructure development and skills allows us to coalesce people around a common vision.

There is only one viable answer to the competitive challenge globalisation and the race for technological supremacy presents to communities around the world: become more competitive and do so in the emerging sectors that will dominate the global economy.

Britain remains a STEM³ powerhouse and today we stake out the next stage in our mission to take full advantage of the economic opportunities it offers us – to democratise growth by building an innovation borough that works for all.

Councillor Stephen Cowan is the Leader of Hammersmith and Fulham Council.