Royal Docks Economy
From community owned enterprises to large multinationals, the businesses that call the Royal Docks home are crucial to the area’s long-term prosperity.
We are committed to working with existing and new businesses, and other partners, to build an inclusive, responsible and resilient economy, which enables and empowers local communities to fulfil their potential, and which makes a positive contribution to London’s economic competitiveness.
Creating a fair and inclusive economy
“Over the next two decades, the Royal Docks will become established as a nationally significant hub of enterprise, employment and culture. It will be recognised as a testbed for environmental, social and technological innovation. It will be globally fluent and internationally focussed, harnessing the potential of Newham’s diverse community”. Royal Docks Economic Purpose
The Royal Docks is London’s only Enterprise Zone. The area has the capacity to accommodate over 35,000 new homes and 4,000 new jobs over the next two decades. Making sure that this growth results in the prosperity of local people and business is a huge challenge. That is why we are investing over £50 million in a range of programmes and projects that give local people and businesses the support to flourish in this new economy.
Building on the principles of the Mayor of London’s Good Growth Agenda and the Mayor of Newham’s Community Wealth Building strategy, we will invest in skills and employment programmes, help businesses grow, provide flexible and affordable workspace, and support ground-breaking projects that lead the Royal Docks to a future that is economically, socially and environmentally just.
The Royal Docks Economic Purpose
In 2019, economic development consultants Hatch Regeneris undertook a six-month research programme which included the development of a detailed economic evidence base for the Royal Docks and for Newham, and an extensive programme of consultation with local businesses and institutions, residents, delivery partners and wider stakeholders.
The resulting report sets out the ‘Economic Purpose’ for the Royal Docks for the coming decades and establishes the ultimate economic goals and objectives that the Royal Docks Team and its partners will pursue for the area. Take a look at the Royal Docks Economic Purpose to discover more.
Opportunities and Activities
Royal Docks Good Growth Fund
We have launched a new £13 million fund to support projects that will help to transform the Royal Docks. Modelled on the Mayor of London’s successful Good Growth Fund, the Royal Docks Good Growth Fund will support local organisations and wider partnerships to develop innovative and transformative projects in the area. The fund is currently open to applications. Find out more on our dedicated Good Growth Fund page.
Royal Docks Internship Programme
Newham’s Community Wealth Building strategy highlights the ways in which improving the skills of local residents and ensuring that they are supported into quality high-skilled jobs is integral to the borough’s success. Within this context, the Royal Docks’ subsidised internship programme is part of a wider commitment to supporting young people into successful career pathways. Following the impact of Covid-19 on youth employment and local businesses, this initiative is a vital part of accelerating the recovery of the wider economy.
The programme aims to:
- Support the culture of enterprise within the Royal Docks.
- Raise the aspirations of local residents, particularly the under- and unemployed.
- Increase young people’s (16-30) access to and awareness of the various sectors that exist within the Royal Docks.
- Improve representation across the target sectors and industries.
- Equip local young people with the skills, experience and knowledge they need to secure sustainable employment within these sectors
- Support the wider response of Newham Council and its partners to the economic impact of Covid-19.
Ambitions are the first cohort of interns will begin in January 2021.
Community Wealth Building Business Pledge
The Community Wealth Building (CWB) Business Pledge is the primary vehicle through which Newham Council can support and encourage local organisations (including schools) to identify, and deliver the ambitions outlined in the Council’s CWB Strategy. The Pledge will also enable Newham to understand the needs of local business by capturing the contribution of its business community in building a strong and resilient local economy, whilst also involving them in key decision making.
The Pledge is a formal, yet voluntary, commitment from businesses across Newham to make decisions and take actions that tangibly demonstrate their support for the CWB agenda. Businesses, organisations and schools who support the Pledge will gain one of two statuses, either becoming:
- CWB ‘Partners’ – kitemark awarded to businesses who support the principles outlined in the CWB Strategy and are committed to working towards them. Those who sign up to be Partners are making a commitment to achieve ‘Champion’ status in the future, or
- CWB ‘Champions’ – kitemark awarded to businesses who have demonstrated their commitment to CWB by delivering on a suitable selection of criteria as outlined in the Pledge.
The Royal Docks Enterprise Zone are delighted to be delivering this programme with Newham Council.
Work with us
We work with local and international businesses, thought-leaders, educational and research partners to transform this unique part of London. If you have an idea, project or business that can help the Royal Docks meet its potential, get in touch at email@example.com