Croydon - a beacon for economic prosperity

Published by Chris M for Croydon Economic Development Company Ltd in Communities and also in Local Government

Croydon’s ability to improve its local economy has been recognised with a prestigious ‘Beacon’ award – the only one in London.

This award follows on from Croydon being recognised as the most enterprising place in London in 2007.

The presentation last night (3rd March) was at London’s Queen Elizabeth II Conference Centre.

Croydon has seen consistent improvements in its economic performance. It had the highest improvement in the national rankings for any London borough in business start ups between the 2006 and 2008 UK Competitiveness Index. It also had the biggest rise of any London borough in terms of business density (the number of businesses per 1,000 population).

The award recognises the improvements Croydon has made since it initiated its Economic Development Partnership two years ago bringing together all the key agencies in the Croydon to undertake an economic assessment of the borough and to produce an economic development strategy. As a result Croydon has been recognised as a Beacon for economic prosperity.

The recently launched Economic Recovery Plan and a special website, ‘Croydon Crunch’, have been put in place to help support individuals and businesses that are being affected by the economic downturn.

Croydon has been undertaking a number of initiatives over the last couple of years with its Enterprise Programme funded by LEGI (Local Enterprise Growth Initiative), the second biggest Business Improvement District in the country, an Economic Development Company, an ‘urban regeneration vehicle’, a corporate social responsibility programme and a business environmental programme.

The Beacon award requires the successful winners to disseminate their good practice and Croydon will be doing this through workshops, open days, case studies and dedicated pages on the web.

This ‘Beacon’ Award comes on the back of some considerable praise for Croydon from high places at the end of 2008. French President Nicolas Sarkozy revealed that he wanted to use Croydon as a blueprint for the redevelopment of the Parisian suburbs late last year, by creating economic hubs like Croydon on the outskirts of the city.

At this time of fiscal crisis it is especially rewarding for Croydon to be identified in this way. Sarkozy’s remarks have since prompted a wave of positive media coverage for the borough, as several reports have acknowledged Croydon as a sound place to invest in these turbulent economic times.

John Strutt, who is the private sector co-Chair of the Partnership, said: “The business community has a real input to make to Croydon’s economic development and it is important that it plays its part alongside the public sector and voluntary sector agencies”

Councillor Steve O’Connell, the Croydon Council Cabinet Member for Regeneration and Economic Development, said: “I am very proud that Croydon has been identified as a Beacon and we will be pleased to pass on our learning to others, as well as identifying what more we can learn from other places around the country”.

Brian Stapleton, Chief Executive of Croydon Business, the borough’s premier business support agency said: “The Beacon award is fantastic recognition for the effort that has taken place in recent years to improve the economic fortunes of Croydon”.

ENDS

Contact: Chris Myers 020 8090 1695, chris.myers@croydonenterprise.com

Note to Editors:
Three other ‘Beacon’ Awards for economic prosperity were presented last night: Lancashire, St Helens and Stafford Borough Council.

We are happy to provide case studies, more in-depth material including the Beacon application, and anything else you need.