Latest news with #LondonGrowthPlan
Fashion United
17-06-2025
- Business
- Fashion United
Oxford Street pedestrianisation project receives public backing
Mayor of London Sadiq Khan's plans to pedestrianise iconic shopping street Oxford Street are set to go ahead after receiving backing from both the public and local businesses. A consultation addressing the project found that around seven in ten parties supported Khan's transformation plans, while two-thirds specifically approved of the pedestrianisation proposal. The consultation drew 6,642 responses, according to a press release from the Mayor of London's office. Businesses in the Oxford Street area have also welcomed the plans. Selfridges' executive director, Meave Wall, said the company was 'hugely energised by the renewed commitment to make this area more enticing', while John Lewis' managing director, Peter Ruis, said the retailer believes 'pedestrianisation will create a vibrant, thriving shopping environment'. John Lewis and Selfridges support proposals In her own statement, Dee Corsi, CEO of New West End Company, which represents 600 West End businesses, said the results were 'an important step forward in the transformation of the nation's high street', adding that a 'considered transformation' would 'enhance the area, bringing significant economic benefits to Londoners and the wider UK economy'. Khan introduced proposals to update the Oxford Street area earlier this year as part of a wider 'transformative' 90 million pound public realm scheme for the shopping street. The project hopes to mitigate the impact of the pandemic and the rise of online shopping, which have both put Oxford Street in a precarious position, resulting in the mass closure of stores and a drop in footfall. His plans, which largely revolve around pedestrianising the section of road between Orchard Street and Oxford Circus up to Great Portland Street, intend to boost retail and drive growth, while also attracting more national and international visitors. The project will further contribute to the progress of the recently published London Growth Plan, a 10-year growth strategy introduced by Khan. The Mayor will now work with the government to arrange necessary legislation for a Mayoral Development Corporation dedicated to regenerating the area. This is to be established by January 1, 2026, while detailed traffic and highway proposals will also be developed.
Entrepreneur
08-05-2025
- Business
- Entrepreneur
Time Well Spent
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur United Kingdom, an international franchise of Entrepreneur Media. On a grey Thursday in late February, amid the usual swirl of policy papers and political speeches, something quietly radical happened at City Hall. The Mayor of London unveiled a new 10-year "Growth Plan for London" - a sprawling, ambitious roadmap for the capital's future. But tucked into its core pillars, beneath the expected language of innovation and infrastructure, was a phrase that's long shaped the city's soul but rarely its spreadsheets: experiences. For the first time, a major government-backed plan has formally recognised the experience economy not as a side act, but as a starring role in London's economic story. "It's the first time a government has explicitly said the experience economy is essential for a global city's success," says James Wallman, CEO and co-founder of the World Experience Organization, (WXO) a global platform that connects innovators and organisations to drive the experience economy forward. "That's a major turning point." This shift marks more than just a change in language. It's a clear-eyed embrace of what Londoners, and millions of visitors, have known instinctively all along: that it is the city's culture, events, theatre, music, food, sport and nightlife that not only shape its identity but drive its prosperity. From the roar of the West End to the quiet charm of Spitalfields to the Swiftie-fuelled surge that added £300m to the capital, London's most powerful export is no longer just finance or fashion - it's feeling. Experientialism: More than a buzzword The stats back it up. The UK's experience economy is already worth £134b a year, according to Barclays. In 2023, 17.1m people attended the theatre in London. For every £1 spent on a ticket, an extra £1.40 was pumped into the surrounding economy. Film tourism is also booming - 70% of UK visitors now include a screen location in their travel plans, and even fictional football clubs have real-world impacts: since Ted Lasso hit screens, footfall in Richmond is up by as much as 20%. We have long been told that happiness and success could be bought. Cars, clothes, gadgets - symbols of status stacked on shelves and in driveways. But today, a quiet revolution is reshaping that narrative. It's not about things anymore. It's about experiences. Wallman calls it "the move from materialism to experientialism." It's a cultural tipping point - one that's changing not just how we spend, but how we live. "Just as materialism underpinned the consumer revolution in the 1920s, I believe we're now seeing the rise of experientialism," Wallman explains, "an experience revolution that will transform our quality of life." Cultural attractions, festivals, music tours, food markets - these aren't side shows. They're serious business. Feelings, it turns out, are financially sound. Experientialism, says Wallman, is a fundamental shift in values. Where we once sought identity and happiness through possessions, we now find them in moments. "We used to look for happiness and status in things. Now we find identity in what we do, not what we own." This isn't anti-capitalist. It's what Wallman calls "consumerism 2.0" - spending driven by meaning and emotion rather than accumulation. "If you want to scale, you still need a business model," he says. "But experiences are where you now create value." Study after study shows people derive more lasting happiness from experiences than material goods. Why? Because experiences create memories. They foster connection, not clutter. From idea to impact: The World Experience Organization Wallman's path to building a movement began during a stint advising the British government. As a sector specialist in the experience economy, he found himself asking a simple question: why wasn't anyone connecting the dots globally? "I said to the government, we should create a global organization for the experience economy. They said it was a lovely idea - and did nothing." So, he did it himself. In 2020, as the pandemic shut down physical gatherings, Wallman launched the WXO. Today, the WXO counts over 1,000 members in 44 countries - from museum curators and festival producers to game designers and wellbeing architects. Its mission is simple: to help its members create better experiences that make people feel more. "If you think about someone as just a customer or employee, you miss the point," says Wallman. "They're a person. They're on a journey. We design for that whole human experience." Wallman sees experience as a new form of capital - one measured not in transactions, but in transformations. "Moments add up to lives," he says. "If we design better moments, we design better lives." This goes beyond branding. Whether it's a patient's path through a hospital, a guest's stay at a hotel, or a student's day in class, the experience - the feeling - is what lingers. "The most powerful concept is the hero's journey," Wallman explains. "If you see someone not just as a user, but as a protagonist on a transformational arc, your whole strategy shifts." It's an idea that's gaining traction across industries. In retail, it's driving immersive flagships. In education, it's pushing hands-on learning. In travel, it's what turns tourism into storytelling. A cultural catalyst Wallman's next ambition? To make London Experience Week, scheduled from Monday, April 28 to Friday, May 2, 2025, the Fashion Week of the experience economy. "Fashion Week became a cultural and economic engine - a moment that drove consumer interest, investment, and creativity," he says. "We want to do the same for experiences." The idea is to create a platform that not only showcases innovation, but drives business - a marketplace for experience-makers to collaborate, commission, and connect. "It's not just community anymore - now it's about commerce too. We want to make the connections that lead to more experiences in the world, and more money for the people creating them." Wallman believes the drive for experience is a response to deeper cultural needs. After years of burnout, isolation, and economic uncertainty, people want more than convenience. They want connection. "People want to feel alive," he says. "They want to be moved, challenged, inspired. We're just starting to realise how powerful experiences can be - economically, emotionally, culturally. In the 1920s, different sectors - fashion, home goods, autos - all learned from each other and drove a revolution in living standards. We're doing that again, but with time, with emotion. With memory." Just as Fashion Week turned fashion into a global economic force, London Experience Week aims to do the same for the experience economy, fueling innovation, growth, and shaping the city's cultural and economic future. The future of experientialism As the experience economy matures, Wallman wants to see experiences treated not as a by-product of other industries, but as a sector in their own right- — with their own strategies, standards, and investment. "Experience should be a line item in your budget," he insists. "Not tucked under marketing or HR. It's not just about external customer journeys or internal culture. It's about designing how people feel." For brands, that means more than delighting users. It means thinking in terms of story arcs, emotional resonance, even personal transformation. For governments, it means recognising that culture and creativity aren't fringe - they're infrastructure. In a world that feels increasingly disconnected, the experience economy offers a different kind of promise - one that values how we spend our time, not just our money. "It's about asking better questions. What matters? What makes life richer? What do people remember?" he says. As London positions itself at the centre of this shift - with policies, festivals, and investment aligning behind experience - Wallman sees echoes of earlier revolutions. The kind that changed the way we lived, worked, and imagined the future. "We're moving from stuff to stories. From products to presence," he says. "And if we do it right, the results won't just be economic - they'll be human."
Gulf Today
23-04-2025
- Business
- Gulf Today
It is time to chalk out new steps and new thinking
Sadiq Khan, The Independent In the last few weeks, an economic storm has been unleashed that poses a profound threat to global trade. We have witnessed the imposition of tariffs at previously unheard-of levels and seen financial markets in turmoil. Coming so soon after the battering of the pandemic – and at a time when the world economy remains fragile – the fallout will inevitably impact global cities like London and the whole of the UK. It's why Labour Prime Minister Keir Starmer and Chancellor Rachel Reeves are right to insist that cool and calm heads must prevail, and that all options should remain on the table in dealing with this crisis. Their mission and my mission for London is to focus on economic growth, and whatever the volatility and upheaval of the next few weeks, protecting our economy and living standards must continue to be the priority. The prime minister recognises this and has already demonstrated a readiness to intervene to shelter vital British industries and jobs from the storm. In the capital, we have set out a London Growth Plan to turbocharge productivity. This includes an inclusive talent strategy to train up Londoners to have the sought-after skills needed for the jobs being created. Developed in collaboration with boroughs, businesses, trade unions and London's communities, it sets out how we can help more Londoners into work with better training, build more affordable housing and modernise our public transport system. But the current crisis means we must also look at further measures. It is again right that the government is seeking a trade deal with the USA while working with our allies to do more to uphold the rules of free and fair trade. I am confident it can and will work at accelerating trade deals with other countries, like India, to offset the impact of President Trump's tariffs. There is another measure which is long overdue and now needs to be considered: a new youth mobility scheme with the EU, which would boost growth not only in London but across Britain and Europe. This has long been discussed, but now, in light of President Trump's tariffs, it is an economic priority, rather than a political talking point. Such a scheme would allow our city and country to benefit from the talent, energy and skills of young EU citizens. They can help ensure we have the world's best hospitality sector, give our construction sector a shot in the arm, and bring new ideas, creativity and innovation across our economy. At the same time, young Londoners and Brits across the country will win back valuable freedoms to live and work abroad. They can broaden their experience, learn new skills and make new connections. Crucially, it could also pave the way for closer economic ties with the EU, which would help British businesses, aid London's economy, and help mitigate some of the harm caused by the latest economic turbulence. And, of course, the Treasury would gain valuable tax revenues to fund our vital public services. This is an idea which has already been supported by the UK Trade and Business Commission in their landmark report from 2023. Polling shows six in 10 Brits in favour of such a scheme. It is a win-win for the UK and Europe, and for our economy and young people. Europe is by far our biggest trading partner and our most reliable political ally. At a time when our communities can ill-afford to absorb another economic shock that pushes up prices, it makes sense for us to deepen our partnership. As Mayor of London, I will continue to stand up for the interests of our city's economy and the values of openness and international exchange that for decades have underpinned our success. If others want to rush to put up trade barriers, London will always be in favour of tearing them down and strengthening our connections with the EU and the rest of the world in a mutually beneficial fashion.
The Independent
17-04-2025
- Business
- The Independent
Sadiq Khan: Here's one thing I know that'll get us closer to Europe – and a post-Trump bump
In the last few weeks, an economic storm has been unleashed that poses a profound threat to global trade. We have witnessed the imposition of tariffs at previously unheard-of levels and seen financial markets in turmoil. Coming so soon after the battering of the pandemic – and at a time when the world economy remains fragile – the fallout will inevitably impact global cities like London and the whole of the UK. It's why Labour Prime Minister Keir Starmer and Chancellor Rachel Reeves are right to insist that cool and calm heads must prevail, and that all options should remain on the table in dealing with this crisis. Their mission and my mission for London is to focus on economic growth, and whatever the volatility and upheaval of the next few weeks, protecting our economy and living standards must continue to be the priority. The prime minister recognises this and has already demonstrated a readiness to intervene to shelter vital British industries and jobs from the storm. In the capital, we have set out a London Growth Plan to turbocharge productivity. This includes an inclusive talent strategy to train up Londoners to have the sought-after skills needed for the jobs being created. Developed in collaboration with boroughs, businesses, trade unions and London's communities, it sets out how we can help more Londoners into work with better training, build more affordable housing and modernise our public transport system. But the current crisis means we must also look at further measures. It is again right that the government is seeking a trade deal with the USA while working with our allies to do more to uphold the rules of free and fair trade. I am confident it can and will work at accelerating trade deals with other countries, like India, to offset the impact of President Trump's tariffs. There is another measure which is long overdue and now needs to be considered: a new youth mobility scheme with the EU, which would boost growth not only in London but across Britain and Europe. This has long been discussed, but now, in light of President Trump's tariffs, it is an economic priority, rather than a political talking point. Such a scheme would allow our city and country to benefit from the talent, energy and skills of young EU citizens. They can help ensure we have the world's best hospitality sector, give our construction sector a shot in the arm, and bring new ideas, creativity and innovation across our economy. At the same time, young Londoners and Brits across the country will win back valuable freedoms to live and work abroad. They can broaden their experience, learn new skills and make new connections. Crucially, it could also pave the way for closer economic ties with the EU, which would help British businesses, aid London's economy, and help mitigate some of the harm caused by the latest economic turbulence. And, of course, the Treasury would gain valuable tax revenues to fund our vital public services. This is an idea which has already been supported by the UK Trade and Business Commission in their landmark report from 2023. Polling shows six in 10 Brits in favour of such a scheme. It is a win-win for the UK and Europe, and for our economy and young people. Europe is by far our biggest trading partner and our most reliable political ally. At a time when our communities can ill-afford to absorb another economic shock that pushes up prices, it makes sense for us to deepen our partnership. As Mayor of London, I will continue to stand up for the interests of our city's economy and the values of openness and international exchange that for decades have underpinned our success. If others want to rush to put up trade barriers, London will always be in favour of tearing them down and strengthening our connections with the EU and the rest of the world in a mutually beneficial fashion. Our city is forecast to grow at a faster rate than the UK average in the coming years, owing to our underlying strengths, including the fact that we are proudly open to talent, ideas and investment from around the world. In turbulent times, our city has also emerged as a safe harbour for international business, offering investors certainty and stability, in stark contrast to the unpredictability and uncertainty we see elsewhere. With a pro-growth administration in City Hall and a pro-growth government in Downing Street, London can do more to help this country restore growth and bring prosperity for communities across the UK. We have already seen this government take bold action by proposing that London get greater strategic control over licensing regulations to ensure we can support our vital night-time economy. Now it is time for new steps and new thinking. If others step back towards measures from the past, we must keep going towards progress and the future.
Telegraph
07-03-2025
- Business
- Telegraph
Sadiq Khan: I could use taxpayers' money to fight the Chancellor's Heathrow expansion
Sir Sadiq Khan has signalled he could use taxpayers' money to fight the Chancellor's planned expansion of Heathrow Airport. The Labour Mayor of London is a long-standing opponent of a third runway at the airport, which was backed by Rachel Reeves in a major speech in January. Ms Reeves said that a 'badly-needed' third runway could create 100,000 jobs and may be finished and operational within a decade. But Sir Sadiq has led a Labour rebellion against the proposals, saying he could pursue legal action relating to the impact on the environment. In an interview with BBC Radio 4's Today programme, he asked whether he was prepared to use Londoners' money to launch a legal challenge. He replied: 'Look, I'm a pro-business, pro-growth mayor. We recently announced a London Growth Plan because I really believe in the importance of growing the economy.' When pressed on whether he would launch a legal challenge, Sir Sadiq said: 'I agree with nearly all of Rachel's policies relating to growth. 'But let's wait and see what plans Heathrow publish. Look, if Heathrow don't address the concerns I've highlighted, then, of course, my job is to stand for London.' Asked if he would use his mayoral budget if needed, he replied: 'Let's wait and see what plans Heathrow publish. 'But I will use all the tools in my tool kit if I think it's wrong in terms of Londoners' interest, and indeed the national interest.'
