London business projects get £47 million boost

London business projects get £47 million boost

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London councils have awarded almost £47 million to major business projects in the city in a bid to boost economic growth.

The funding, granted by all 32 London boroughs and the City of London Corporation, has a particular focus on digital infrastructure. The projects include installing fast fibre-optic broadband connections and investing in digital-enabled workspaces.

£11.13 million was given to the West London Alliance to support a productivity and skills programme, as well as a high-speed fibre network across all seven west London boroughs.

Theo Blackwell, London Chief Digital Officer, said: “These investments reflect the Mayor’s and the boroughs’ new city-wide commitment to improving digital connectivity. Our work together sets solid foundations for future 5G technologies in London, which will create new jobs and make London a smarter city.”

The funding comes from a business rates retention scheme created last year and currently being trialled in London. The scheme allows London to retain growth in business rates, a portion of which is then reinvested in projects in the city.

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