A strong local economy
Our goal is to make Camden an even better location for business and to increase local business activity
Why this issue is important
Camden already has a highly productive economy contributing around 1% to national GDP but the number of businesses has declined in recent years. Much of Camden’s economic activity is in the “knowledge economy” including universities, media and creative industries. The health sector is also a significant local employer and we have hubs of legal and finance businesses as well.
A strong local economy is an important contributor to quality of life through job creation, the income it provides individuals and its contribution to local public services.
It is important for us to promote Camden as a business location - as a place for starting a new business and where inward investment is welcome. The strong links between economic growth and urban planning are also recognised and are addressed below and in the growth section.
What is already being done
Local businesses are involved in a number of partnerships which enable them to work together, with the community and with public services. These include Business Improvement Districts in Holborn and Camden Town, and partnerships focused on Kilburn and on women in business. The Education Business Partnership provides a link between schools and businesses.
Here are some of the specific aims we are working towards:
- increasing entrepreneurial activity in priority areas of the borough
- reducing business failure rates and increasing the overall number of businesses in the borough
- increasing opportunities to start up businesses among black and minority ethnic groups and women in priority areas
- increasing the numbers of disabled people and people with mental health problems into work and staying in paid work
- working with businesses in Camden to help young people learn about the world of work and business
What people have told us
People have said that they value local, independent businesses especially shops. Businesses have told us that issues like the planning system and crime can be a disincentive for locating in Camden.
What the Council and its partners will do
- reduce red tape for businesses, particularly by adopting a more risk-based approach to Council inspection and regulation regimes
- critically examine the impact of parking, planning, regulation and other statutory services on businesses, especially local independent shops
- promote Camden as a good place for business, for example, through the up-coming Local Development Framework
- review the Business Improvement District model alongside other approaches to town centre management to investigate their potential contribution to other parts of the borough
- assist new and existing entrepreneurs during business start-up
- work to sustain existing local economic services such as post offices and ATMs
How local people can contribute
- supporting local shops through pledge card schemes to buy goods and services locally
- asking for advice if you’re thinking of setting up your own business
- if you are a local employer, creating more opportunities for local people
- all businesses getting involved in the communities and places where they do business.
