The New Economy
What is the New Economy?
Who should benefit from the New Economy?
What is the London Supplementary Income?
What about affordable housing and free travel?
Will London be a safer place?
What about our local neighbourhoods?
Can we make a change?
A bold plan to support London's small businesses
An economy powered by data. Big firms, such as those from the famous Silicon Valley, use our personal information and make money, often without paying their fair share back to the community. Londoners deserve a piece of the pie, but we are going hungry.
A business-friendly environment attracts these firms to our city, creating jobs and spurring growth. We now need to take back some of those profits. By doing so, London can emerge as a venue for people to come together in a new relationship with the powerful companies that will make us wealthy. Through regulating London’s business environment to ensure that corporations reward you for the use of your information, we can overcome one of our biggest economic challenges.
In a word: everyone. I've visited every borough across the city and I’m inspired by the people I meet. They work hard to make a difference, often in very difficult circumstances. Yet there is too much of a gap between those who are doing well and those left behind. Some of the problems I’ve encountered are particular to different neighbourhoods - some are citywide - but all are rooted in inequality. Harnessing the New Economy will change this, and the Mayor should play a crucial role in making it work for London. We can only be a successful city when everyone has enough income to live a decent life. Nobody should be forgotten.
A support payment for every Londoner; a radical plan to transform life in the city. The Covid-19 pandemic has forced us to reassess how we live, with our working lives, in particular, coming into sharper focus. The London Supplementary Income will go a long way to reducing our economic pain. The mayor should be leading the discussion about rolling out this support payment to Londoners, which will require effective and close collaboration with the Westminster government.
Absolutely. It's getting harder to buy your first home in London, so we will offer bigger discounts for first-time buyers. To make getting around easier, senior citizens should be eligible for free travel across London and public transport should be made much more affordable for everyone else. I will do everything possible to make housing more accessible and travel as cheap as possible.
It must be. For too many people who live here, London doesn't feel like a safe city to live in. By improving the economic wellbeing of everyone, I believe we will begin to reduce levels of crime. We will also recruit more police officers and emphasise community policing so everyone can feel safe. More provision will be made for young people, with new youth clubs and facilities created to give them a fairer deal.
Not forgotten. At the heart of my strategy for our neighbourhoods is a 15-Minute Plan. This means that we will have easy access to everything we need - public transport, GP services, schools, shops, playgrounds and youth clubs - all within 15 minutes accessible travel from our homes. The Covid-19 pandemic has shone a light on inequalities in living standards among Londoners. By building vibrant and resilient neighbourhoods, we have a once in a generation chance to reshape where we live.
Yes, we can. Too many Londoners feel undervalued and unsafe, and most of us are frustrated at the way that Brexit and the pandemic have been handled by the Mayor. However, things can get better if we all work together.
A vote for me is a vote for a different kind of future for our city, where everyone has a stake, small businesses are supported, and lives are immensely improved. It will also be a green one, with precious open spaces protected and the biodiversity of the Thames treated like the precious natural asset it is. You can read more about this here
London has one of the most dynamic city economies on the planet. Huge global names are based here, and multinational companies employ thousands. While some of the big names might grab the headlines, the real engine of the city economy is in fact the thousands of small businesses that innovate, create employment and grow wealth. They are the pioneers, risk-takers and community assets that help to make the capital such a vibrant place to live and work.
What is a small business?
According to Companies House, a small business is an organisation that employs less than 50 people and has a turnover under 6.5 million. Across the UK, there were nearly 6 million businesses last year. A third of all businesses are based in London, so huge numbers of British small businesses are based in the capital. Obviously, there are big challenges now such as the pandemic crisis and the Brexit. However if we tackle these crises, many of these small businesses will grow to become medium and large businesses over the coming years and decades. Others will remain small as much by choice as circumstance, placing an emphasis on great customer service and serving their local community.
Crippling business rates
Despite their importance to the London economy, the capital's small businesses haven't always received the support they need from the city authorities. Even before the pandemic struck many business owners were struggling with rocketing business rates. Many were being forced out of business with a devastating impact on High Streets across our boroughs. Back then, Renew mayoral candidate Kam Balayev was already meeting with business owners who were quick to tell him how difficult things had become. Many were making the move online to escape prohibitive business rates. When the pandemic struck many businesses that were already struggling because of business rates were now faced with a whole new challenge. High business rates had undermined their resilience. Businesses that might have been able to survive the pandemic, unfortunately, went to the wall.
A champion for London's small businesses
Kam Balayev has been travelling across London meeting small business owners. From shopkeepers in Chinatown to restaurateurs in Haringey, he has been inspired by the hardworking and visionary people he has met. He now has a clear understanding of the challenges faced by small business owners and is determined to be their champion as mayor. His plans for The New Economy have small businesses at their heart, helping to build a city that is more inclusive.
A bold plan for small businesses
Kam sees small businesses as a key part of his bold plan for The New Economy. He wants to make our local High Streets vibrant places with affordable business rates and excellent public transport. He will work with the government to reestablish a bank for London businesses, making it easy for them to access affordable loans. He will also make sure that the digital transformation process for small businesses is completely painless, delivering real benefits for small businesses. As mayor, Kam Balayev will be a voice for the city's small businesses, ensuring they have a level-playing field to compete with larger organisations.