Agenda and minutes

1.1  Apologies for absence from Cllr Billington and Cllr Lynch.

1.2  Apologies for lateness from Cllr Premru.

2.1  There were no urgent items, and the order of the business was as per the agenda.

3.1  No declaration of interest.

4.1  The Chair introduced the local economy update item and outlined.  The information will cover:

·  Hackney’s economy pre and post pandemic

·  Key considerations for the Council’s Economic Development Plan

·  What this means for the borough and local economy

·  Cost of living support to local businesses.

4.2  The Chair welcomedto the meeting theEconomic Development Manager, Michael Toyer from London Borough of Hackney.

4.3  The Chair informed the commission the discussion item will be divided into 3 sections.  The officer will highlight the key points from each section and each section will be followed by a Q&A.

4.4  Section 1 - Data on Hackney’s economy

4.4.1  The Council has been establishing the economic evidence and statistics about the local economy post cyber-attack and during covid.

4.4.2  The pre pandemic economic data was outlined on page 12 in the agenda taking the headlines from the inclusive economy strategy developed in 2019.

4.4.3  Hackney’s economy has experienced rapid growth from 2010-2019.  Largely driven by the tech sector around Shoreditch.  Growth in Dalston and the emergence of Hackney Wick post the Olympics.

4.4.4  Hackney has maintained its strong place base brand around the creative sector and tech creatives.

4.4.5  A victim of its own success Hackney businesses have been facing challenges with higher commercial rents.  Essentially there is more demand for property, in addition to residents facing challenges with housing affordability too.  This has compounded the systemic issues of exclusion that some residents have experienced and it is likely to increase the wealth gap in Hackney.

4.4.6  The council has been doing work to learn from the early mistakes of not capitalizing on the tech boom.

4.4.7  The officer explained there is a time lag on the data from Government sources.  The latest series of data was displayed on page 13 (of the agenda) and is up to March 2022 covering business count compared to London.  It was noted that for the employee data this covers employees in borough-based businesses this data covers the period up to September 2021. (This is the latest available).

4.4.8  Overall Hackney’s growth in business units has continued.  This growth commenced pre pandemic and continued throughout 2020 and the pandemic.  Whereas London’s picture of growth is flatter.  For employees it’s a similar growth trajectory for Hackney but again a flatter picture for London. 

4.4.9  The main sectors in Hackney are as outlined in the Inclusive Economy Strategy in 2019.  They are:

·  Professional, scientific and technical – consultancy, LBH offices, any headquarters and tech city

·  Information communication – TV digital design. 

4.4.10  The largest sector in terms of the quantum of businesses is the professional, scientific and technical sector.  Closely associated and followed by the communication and information sector.

4.4.11  Other important sectors for Hackney are construction, transportation and storage, online retail and in store retail.  These are a smaller quantum of businesses but still important.  Not large companies but smaller suppliers.

4.4.12  There is no large constructions companies in Hackney but there is a constant line  ...  view the full minutes text for item 4.

5.1  Members noted the minutes from the previous meeting will be on the next agenda.

6.1  Chair referred to the Commission’s work programme in the agenda on pages 37-50.  The Chair asked Members for any comments in relation to the work programme.

6.2  Members suggested inviting in HCVS to have a discussion with them about their future strategy as the key institution that oversees the voluntary sector in the borough.  Members commented this would be a critical time to bring them in as the council is considering its partnership working with the third sector and other sectors across the borough. 

6.3  Members referred to the report from ReLondon on the circular economy at work and suggested the Commission has a presentation about this report (recognizing it focuses on pan London) and how this related to green skills and the local economy.

In response the Chair advised this will be considered.

7.1  None.