London’s fastest growing economy: have your say on Hackney’s new economic development plan

Now, Hackney Council is calling on residents and businesses to have their say on a bold new economic development plan that seeks to ensure that economic growth can continue and the benefits of growth can be better accessed by residents.

The plan aims to back businesses to grow, put green skills at the heart of a booming local economy and work with key industries and employers to drive up wages and open up more opportunities to local residents.

With 50,000 new jobs and 5,000 new businesses created since 2017, Hackney’s economy has grown at the fastest rate than any other borough in London*. It has welcomed new economic activity in the creative, tech, and professional services sectors, making Hackney home to some of the country’s most exciting and innovative businesses.

This growth and investment has brought benefits such as new jobs, new skills and education opportunities, business growth and increased spending in Hackney’s town centres and high streets. However, despite this economic success, the borough continues to experience high levels of income deprivation, which is the third highest in London, and the proportion of children in low-income households after housing costs are taken into account, which is the seventh highest.

To ensure more Hackney residents directly benefit from the borough's economic growth while creating a greener, fairer, and more resilient borough, the draft economic development plan outlines how Hackney can capitalise further on its economic success by working with businesses, education institutions, key partners and stakeholders to enable good growth and development, tackle poverty and inequality, and address the climate emergency.

It outlines how the Council will support and enable good and sustainable economic growth, collaborate with key partners and stakeholders, invest in sustainable practices and support local skills development to achieve a fairer, more inclusive Hackney. It sets bold ambitions for the borough across four new missions: 

• Residents are able to participate in the economy and society
• Hackney’s economy is climate resilient and sustainable
• Hackney’s economy is fairer and more inclusive
• Regeneration and investment benefits more of Hackney’s places and communities. 

The plan advocates the Council working with businesses and local organisations to achieve the missions, to enable the delivery of affordable workspace, assist with the delivery of employment and skills development programmes, promote the London Living Wage, support decarbonisation and promote the use of the Council’s procurement power to support local businesses. 

It builds on the Council’s record of supporting inclusive economic growth. The Council has: 

• Supported nearly 300 people into well-paid work in 2023/24
• Created an aircraft hangar’s worth of discounted workspace (6,580sqm) for local businesses in three years
• Helped over 200 small businesses get the type of support they need through £1m funding from the Hackney Impact programme
• Supported a greener economy by helping businesses to reduce emissions and cut bills, and creating opportunities for residents to develop skills in sustainable construction
• Secured funding for the borough’s town centres and high streets, including £19m for Hackney Central, £3m for Hoxton and £1m for Ridley Road Market, to improve town centre facilities for residents and visitors and increase footfall for local businesses.

In Hackney, we’re so proud of the growth that we’ve seen in the last ten years.

Our draft economic development plan aims to build on this and ensure that the benefits of growth are felt by even more people in the borough, through a rise in secure, well-paid employment and by backing businesses to grow.

We can only do this in partnership with residents and with businesses so I’d encourage people to tell us what they think so we can develop a plan that works for everyone in the borough.

Cllr Sam Pallis, Deputy Cabinet Member for Inclusive Economy„

The consultation will run for six weeks and includes a programme of events and outreach across the borough. Residents, businesses and local organisations can take part by visiting bit.ly/hackneyEDP. The deadline for responses is 25 June 2025. 

*According to records compiled by the Office of National Statistics and the Greater London Authority.