The mayor of London has unveiled the first projects to benefit from a £112m investment fund which has been generated from the growth of business rate receipts.
As part of the first tranche of funding, Sadiq Khan has committed to investing £5m into the Good Growth Fund, which will be used to support a range of community projects across the capital.
Over £1m will also go into affordable workspaces and £50,000 will go towards the study of the impacts and opportunities of good growth in London’s West End.
Mayor Khan’s £112m Strategic Investment Fund (SIF) was established following a deal last year with Whitehall that enabled the capital to retain 100% of any increase in business rate receipts above the Government’s baseline during the 2018/2019 financial year.
‘This is a clear example of how devolution can have a positive direct impact on Londoners’ lives, by creating jobs and driving economic growth,’ said Mayor Khan.
‘By developing projects which work closely with local communities we can engage Londoners in shaping the future of their city.
‘The investments made through this fund show the breadth of ways in which we can encourage a dynamic and well-balanced economy – from supporting small-scale projects and local initiatives to major improvements to our transport network and upgrading our infrastructure.
‘I look forward to announcing many more projects receiving funding in the coming months.’
Chair of London Councils, Cllr Peter John, welcomed the news describing it as a ‘fantastic example’ of London government working together.
'As promised, the Mayor, the boroughs and the City of London are now investing a share of London’s business rates to support growth across the capital,’ he said.
‘We look forward to announcing further targeted investments in the coming months to ensure the business rates funding we receive delivers strategic benefits to London’s business community.’