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The West End Powerhouse Investing to Drive Britain’S Growth 01 the WEST END POWERHOUSE INVESTING to DRIVE BRITAIN’S GROWTH

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The West End Powerhouse Investing to Drive Britain’S Growth 01 the WEST END POWERHOUSE INVESTING to DRIVE BRITAIN’S GROWTH The West End Powerhouse Investing to drive Britain’s growth 01 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH The West End Powerhouse: Investing to drive Britain’s growth The West End is one of the biggest drivers of the UK economy, bigger than The City of London and equivalent to the whole of Wales. But to retain its world-beating position it needs constant investment both to accommodate forecast growth and to maximise its growth potential, especially in face of global competition. During this time of economic uncertainty How the Government can support following the vote to leave the EU, it is London’s West End: important to support those parts of the • Enable West End businesses and economy, like the West End, with potential authorities to fund essential public to grow to allow them to produce jobs and realm and infrastructure improvements income to the Exchequer. This does not by approving a TIF scheme. require government funding, but policies Sir Peter Rogers, Chairman é that enable and encourage West End • Enable West End businesses to businesses to reach their full potential. generate investment funding by reducing costs (specifically to mitigate The West End needs to invest in its public an 80% rise in business rates following realm and infrastructure and it needs to revaluation) and generate additional create an environment that encourages income through changes to Sunday the maximum private sector investment trading regulations in the designated from property owners, retailers, and all International Shopping Centres types of critical industries based in (West End and Knightsbridge) the district. and remove barriers to valuable international tourists. This paper asks government to work in partnership with local authorities, the GLA, and the private sector to create that vital investment which will produce an additional £23.6 billion of Gross Value Added and contribute a further £5.6 billion annually to Sir Peter Rogers Jace Tyrrell Jace Tyrrell, Chief Executive é Exchequer tax. Chairman Chief Executive 02 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH The importance of the 1. West End to the UK’s economy London’s West End is a major player in the UK’s economic growth1 1.1 The 6.34 hectares of the West End 1.4 It is one of the most productive areas generates more GVA per year of the UK (output per employee in than any other part of the UK Westminster was £71,152 in 2014 (£51 billion), more than the City of compared with the UK average London (£43.9 billion) and almost of £55,659) and can contribute the same as the whole of Wales even more to the government’s (£52 billion). It contains world productivity challenge (because beating retail, entertainment, Westminster has a higher that medical-tech, cultural and average proportion working in media industries. the lowest GVA sectors, food and accommodation services). 1.2 It generates the largest proportion of tax collected by the Exchequer, 1.5 The West End is primarily £17 billion per annum, including 8% responsible for London’s status of all National Non Domestic Rates. as the world’s most popular international visitor destination, 1.3 It employs 650,000 people, 3% of the attracting 18.7 million visitors total UK working population. in 2014, spending £11.8 billion and supporting 300,000 jobs. 1.6 It is a major factor for foreign investors’ decision to invest in London and the UK. 1. All figures are drawn from West End Partnership’s “Transforming the Competitiveness of the West End: The Business Case for Investment” March 2016 unless otherwise referenced 2. New West End Company data 3. House of commons Library “UK steel industry: statistics and policy” May 2016 03 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH West End retailers play a major part in this success 1.7 The West End is the world’s top 1.10 600,000 people visit Oxford Street shopping destination, with over every day (equivalent to the entire 200 million visits each year. population of Glasgow or Leeds). 1.8 West End retailers make £11 billion 1.11 West End shopping is a major draw in sales and produce a £2 billion tax to international tourists who form take annually. 25% of its 200 million visits each year, so producing £3.3 billion of 1.9 The core West End shopping district foreign income. (Oxford Street, Regent Street and Bond Street) generates £8.4 billion 1.12 London’s Luxury Quarter is the sales annually and directly employs world’s top luxury retail district, 60,000 people.2 In contrast, Britain’s generating £3 billion in steel industry generates £2.2 billion sales annually. in sales and employs 34,500 people.3 04 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH The West End is Britain’s global high 2. street, working in partnership with the rest of the UK to grow the economy 2.1 The West End is not just for London • Trains retail and leisure staff to a world – uniquely it belongs to and benefits standards so that they can take these everyone in Britain. It’s Britain’s standards to postings throughout the UK global high street. • Generates profits which are invested 2.2 The West End is a vital partner to into more marginal stores throughout promote economic growth across the UK the whole of the UK. Too often, • Generates massive amounts of London is seen as a rival to the rest business rate income which fund of the UK. In reality the West End is local government throughout the part of team UK, working together UK. Westminster City Council raises with the regions to grow the whole £1.8 billion in business rates annually, British economy. 8% of the total raised in England and Wales, and retains just 4% of the 2.3 The West End: tax take • Is Britain’s high street – over 50 million non-London British people visit the • Has supply chains throughout the UK West End every year, virtually the providing jobs and generating income entire UK population outside London across the whole of the country • Attracts tourists to the UK and then acts as a gateway to other UK tourist destinations 05 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH 06 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH The need for continual investment 3. in London’s West End The West End needs continual investment to accommodate its forecasted growth 3.1 Investment is needed just to • TfL estimate that a further 60 million accommodate the forecast growth of visits will be made to the West End visitors and workers in the West End. every year when the Elizabeth line opens in 2018. Passenger numbers • London’s population is forecast to are expected to increase by between increase from 8.2 million today to 155,000 and 220,000 EVERY DAY at 11.3-13.4 million over the next 15 years Bond Street Station (60% increase) • The London plan forecasts an and between 150,000 and 200,000 additional 74,200 jobs in the at Tottenham Court Road Station West End over the next 20 years. (89% increase). This will produce But if it matches its historic growth, greater pedestrian discomfort and this could reach 281,000 jobs increase safety concerns in an area which in 2014 saw 109 major • The Elizabeth line (Crossrail 1) will open accidents, 9 of them fatal in 2018 and will bring an additional 1.5 million people to within 45 minutes of central London. Heathrow will be just 29 minutes from Bond Street station 07 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH The West End needs continual investment to maximise potential growth against international competition 3.2 But investment is also needed 3.3 The West End competes globally for to maximise potential growth by investors, customers and talent with ensuring that the West End remains international destinations such as a world beating district. This is being Paris, New York, Dubai, Tokyo and damaged by: Hong Kong. Global competitors are not standing still. Paris, for example, • Infrastructure and public realm that is investing 500 million Euros in is not world class (apart from the the Champs Elysees. The West End Elizabeth line), particularly when needs to invest if it is to retain its other global cities are investing world leading position. heavily in infrastructure • Increasing air pollution which 3.4 The West End needs public and undermines London’s status as a private investment in public realm world class city. NO2 on Oxford Street and infrastructure improvements is three times the EU health maximum and private investment in property and retail developments. • A congested road network, with TfL forecasting a 20% increase by 2025 • Lack of commercial floorspace pushing rents higher than most world cities. • Developers becoming increasingly reluctant to invest in an area with declining public realm and rising congestion 08 THE WEST END POWERHOUSE INVESTING TO DRIVE BRITAIN’S GROWTH Investing in public realm 4. and infrastructure Retailers and property owners support the West End Partnership’s programme for the West End 4.1 West End Partnership 4 is proposing a 14 year, £814 million 4.3 This investment will show dramatic returns in terms of investment programme comprising 19 priority projects. GVA growth, employment and tax to the Exchequer, as this These will not just meet the needs of expected growth table shows. but provide additional economic growth. Economic Without WEP With WEP 4.2 The projects include: improvement improvements improvements • Oxford Street East and West – substantial public realm improvements including reduction of surface transport GVA growth £11.3 billion £23.6 billion and revitalised open spaces Gross additional jobs 35,600 102,000 • Bond Street – improved retail public realm and connections to neighbouring oasis spaces Increase in Exchequer tax £2.7 billion £5.6 billion • Bond Street (TfL) – public realm improvements and Tourism expenditure Flat Major increase commercial developments associated with the two new station entrances 4.4 The West End Partnership projects have secured funding of • Tottenham Court Road Station – public realm improvements £405 million with £154 million (38%) drawn from the private to improve pedestrian access and traffic flow sector.
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