Lambeth has experienced considerable growth and investment over the last 5 years, particularly in the north of the borough. We have seen the benefits of that for local people through increased number of jobs, building more affordable housing, and investment in vital community facilities such as leisure centres, health centres and schools and new transport infrastructure. This growth needs to continue to ensure Lambeth residents can flourish, but also so Lambeth can play its part in the London economy.
However, there are risks that political uncertainty will lead to economic slowdown, which would make investment very difficult and impact on the delivery of affordable housing and other benefits to the local community. Without the inward investment economic growth brings, Lambeth and its residents will be even more exposed to the extremes of the economy and public spending cuts. But economic growth is not without its problems. We can see across London the way in which inequality is growing, fragmenting communities and damaging children’s chances of fulfilling their potential, and we know that an economic slowdown could exacerbate these trends.
Despite these challenges, we remain determined to encourage and enable investment and regeneration, while making sure that it benefits Lambeth’s neighbourhoods, not just in the north, but throughout the borough. The public sector partners own significant land holdings across the borough and we will need to bring forward development to realise change ourselves as well as facilitating others. We have attracted high quality developers and investors and made good partnerships with them that we will sustain over the next 5 years.
Where we can foster growth it needs to be inclusive. We will continue to play a more active role in influencing the way regeneration takes place.
Our challenge is twofold: to use our power and our partnerships to sustain growth and investment and to shape it so that it leads to a fairer economy with more living wage jobs, better public transport, and affordable housing. Secondly, we need to use the proceeds of growth to invest in people and places to help reduce inequality and bring communities together, maintaining the mixed and vibrant nature of Lambeth’s neighbourhoods.
We will know that we’ve been successful when we see more homes, more jobs, and better transport in the borough, but equally when we see the health, education and employment prospects of our poorest residents matching those of the more affluent residents.
What we have achieved so far
Lambeth has been benefitting from investment and regeneration for some years. Local people, council and partners have worked hard together to make sure that this changes our borough for the better, preserving Lambeth’s unique character, and creating opportunities for the people who live here.
We have attracted investment into our two opportunity areas, Vauxhall and Waterloo, along with West Norwood, Brixton, Streatham and Clapham, and this has already delivered significant benefits:
- We have seen over 20,000 new jobs created in the borough since 2009, and the regeneration that is in train already is set to deliver a further 25,000 by 2031. Employment in Lambeth is among the highest in London.
- Lambeth’s population is highly skilled, but regeneration has helped bring further investment into skills, including 1,000 apprenticeships at Nine Elms Vauxhall.
- We have created 13,000 more homes in the borough over the last 10 years, £435 million has been invested in improving social housing. North Lambeth, Waterloo and Brixton alone will provide 14,000 new homes over the next 15 years.
- Lambeth is on course to gain further tube stations at Nine Elms Vauxhall, but other improvements include the development of Waterloo station and investment in our roads and bus services to ease congestion, improve air quality, and encourage walking and cycling.
Our goals and ambitions
Our ambition is to build on the strong foundations of economic growth in Lambeth to continue to grow our local economy so that it benefits people in Lambeth either through more housing, more and better jobs, opportunities for training to improve skills, or generating revenues that we can invest in community facilities. We also want a more inclusive economy that helps to reduce inequality and provides opportunity for all, maintaining Lambeth’s diversity.
We have set ourselves clear goals that we will work towards over the next 10 years, but also what we’ll achieve over the next five years in order to get there.
Ten year outcome: Increase investment and regeneration in the borough, ensuring that this creates benefits for all. By 2021 we will have:
- Increased the number of good jobs in the borough above the trend forecast
- Worked with the Mayor to identify those areas within the borough, particularly the south, with growth potential and which would benefit from increased investment in transport, housing and infrastructure.
- Increased new homes for sale and rent to cross subsidise affordable housing in the borough.
Ten year outcome: Improve transport infrastructure in the borough, including improved rail and underground capacity to Streatham, Brixton and Clapham. Narrowed the gap between the connectivity of the north and south of the borough. By 2021 we will have:
- Worked closely with our communities to maximise the benefits of Crossrail 2 for the south of the borough
- Played a leading role in shaping rail devolution in south London, focussing on more reliable, more frequent, better connected metro rail services in the south of the borough.
- Worked in partnership to deliver major improvements to our road network at key locations such as Vauxhall and Tulse Hill
- Enabled significant development in the north of the borough made possible by the extension of the Northern Line
- Worked with TfL to improve bus capacity and reliability on key routes
Ten year outcome: Increase the levels of labour market participation for our population, supporting more people into employment and increasing employment for those who are underemployed. By 2021 we will have:
- More young people with the skills they need to succeed in London’s growing economic sectors.
- More and better apprenticeships with local employers for young people.
- More employment of local young people by local employers.
- Narrow the gap in employment rates for: young people (aged 25 and under), people with mental health issues, disability, from black African, black Caribbean and Portuguese groups, residents aged 50+, and the general population.
- Increase the proportion of Lambeth residents paid London Living Wage or above.
- Narrow the gap between the proportion of BAME residents (particularly black African and black Caribbean), residents with mental health issues or disabilities in paid work on London Living Wage or above, and the general population.
- Reduce the rate of long term unemployment amongst residents aged 50+.
- Increase the opportunities available to those people needing support to access and sustain work, particularly Looked After Children and people with mental health issues.
Ten year outcome: A larger business base that makes a greater contribution to London’s economy. By 2021 we will have:
- Attracted more businesses into the borough from the creative and digital, professional and financial services, healthcare and life sciences, and tourism and hospitality sectors, making Lambeth a hub for these specialisms.
- Increased the amount of affordable workspace in the borough, to support small businesses and entrepreneurs in the early stages of development.
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