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West London Business Profile

West London Business Profile. Frank Wingate Chief Executive West London Business University of West London April 23, 2013. Agenda. Overview/Economy Economic Drivers Business Profiling WL Strengths Workforce/Skills Challenges for the Future Implications for UWL. West London Overview .

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West London Business Profile

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  1. West London Business Profile Frank Wingate Chief Executive West London Business University of West London April 23, 2013

  2. Agenda • Overview/Economy • Economic Drivers • Business Profiling • WL Strengths • Workforce/Skills • Challenges for the Future • Implications for UWL

  3. West London Overview • The West London “Sub-region” from LDA pizza slice definition • Brent, Ealing, Hammersmith and Fulham, Harrow, Hillingdon, Hounslow • Residents 1.47 million • GVA £37 billion? • The UK’s second largest city? Bigger than Frankfurt?

  4. A Powerful Economy • Major economic force in own right • 2011 GVA £35bn; 2020 GVA £48bn? • 57,000 VAT registered businesses • 700,000 employees • 17% of London’s GVA (central 50%)

  5. Key Economic Drivers • Heathrow (170,000 dependent jobs) • Park Royal – Europe’s largest commercial estate (50,000 jobs) • Golden Mile – GSK, BSKyB • Ham and Fulham – blue-chips, exhibitions, entertainment, BBC • Attractive for int’l investment • Importance of clusters

  6. Sector Profile • Banking, finance, insurance (23.9% of total employment) • Distribution, hotels, restaurants (23.6%) • Transport, communications (16%) • Knowledge based (logistics, creative, health, hi-tech) (32%)

  7. Multinationals and SMEs • Home to major international blue-chips – GSK, Diageo, Coca Cola, Kodak, Microsoft, HP, Disney, BBC, Cisco, L’Oreal etc. • Some 90%, however, are SMEs employing fewer than ten • Scene is diverse and entrepreneurial – a strength!

  8. West London’s USPs • Access to global (Heathrow) and domestic markets • Transport links (air, road, rail and tube) • Clusters • Quality of Life • Universities and FE provision

  9. Workforce • 700,000 employees • Ethnic diversity – 40% BAME • Well educated and young • Approx 1 million of working age • Immigrant aspiration and mobility

  10. Skills • High percent well-qualified (35% with level 4) • High percent poorly qualified (20% lack basic literacy/numeracy • 50% jobs need level 4 • 10% jobs need low level quals • Therefore -- skills gaps

  11. Growth Potential • 1989 – 2008 West London grew by 19% • Created 100,000 new jobs • Growing sectors – IT, business services, creative industries, logistics, hospitality, health, education, green industries • Strong property development • Need investment in education, research and innovation

  12. What’s Declining • Manufacturing • Food and drink • Public Sector • High street retail

  13. Challenges for WL Businesses • Skills gaps (80% jobs “hard to fill”) • Transport congestion (Heathrow) • Insufficient public transport investment • Mobile multinationals • Competition -- E London and Thames Valley • Austerity • Housing

  14. Crystal Ball Gazing • How to accommodate 1.13m new residents and 99,000 new jobs by 2031? • Heathrow, Crossrail and HS2? • How to meet skills needs? • How to grow knowledge based and green industries? • How to stimulate design, innovation, creativity and online skills?

  15. Opportunities for UWL • Building links with business • Research for high-end knowledge industries • Meeting skills gaps in growing industries – health, hospitality, tourism etc • Offering consultancy in research, marketing, HR, accountancy and admin to SMEs

  16. Any Questions? • West London Economic Assessment • GLA Economics • www.westlondon.com • frank.wingate@westlondon.com • Twitter @WestLBusiness

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