London Mayor investing £6 million to support re-opening of London’s economy.
Mayor of London, Sadiq Khan, has announced that £6million will be invested directly to supporting the re-opening of London’s economy once the COVID restrictions are lifted. This comes as a new report was released this week with details of the full extent of the challenges facing London’s economy.
Sadiq Khan has announced that in his mayoral budget there will be a new investment of £5million to support the eventual reopening of central London, including a brand new campaign to attract tourists and visitors back to London later this year. Through this LEAP (London Economic Action Partnership) a further £1million will now be spent on attracting people from all over the UK to visit the capital post-lockdown, vital for the much needed recovery of hard hit hospitality and cultural venues.
The investment comes as the Mayor publishes a final report conducted by Arup with Gerald Eve and the London School of Economics showing the future challenges and opportunities facing CAZ (London’s Central Activities Zone), which has seen a huge reduction in footfall due to the COVID-19 pandemic. As a part of the Mayors continuation of work, Sadiq has announced that London is joining forces with three other cities Berlin, Paris and New York to bring forward innovation that will speed up the reveal of central London and bring back businesses that were hit hard during the pandemic.
The Mayor of London, Sadiq Khan, said: “Central London is the engine of the UK’s economy. There simply won’t be a national economic recovery from COVID unless all levels of Government realise the crucial importance of protecting central London’s unique eco-system of shops, hospitality and world-leading cultural venues. That’s why I’m investing £6million directly in attracting people back into London once COVID restrictions are lifted”.
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