Embracing an inclusive economic development model would help London and region recover from the COVID-19 economic impact in a more sustainable and equitable way.
Inclusive Economy London and Region has released a report recommending the City of London consider action on five inclusive economy areas: (1) Localize anchor institution supply chains; (2) Create a municipal community benefits framework; (3) Support broad-based and community-owned businesses; (4) Investigate the impact of a living wage standard; and (5) Integrate inclusive economy tools in green infrastructure projects.
“These recommendations are especially relevant now that the city has created the London Community Recovery Network, which is consulting on how the region can bounce back from the economic toll that COVID-19 is having on our local economy,” says Mike Courey, a spokesperson for Inclusive Economy London and Region.
Courey points to the London Community Recovery Network’s own report on what Londoners want to see in the recovery process, featuring inclusive economy goals such as supporting local business, taking an equity lens, moving toward a green and just local economy, and ensure the health and wellness of people and businesses.
“The fragility of the global supply chain illustrated the importance of identifying
ways to localize procurement—especially from public anchor institutions like
hospitals, universities, and municipalities,” Courey says. “Our challenge is to create a more sustainable local economy defined by good jobs and strong local supply chains.”
The recommendations report lays out the rationale for each recommendation, the potential positive impact these recommendations could have on the London region’s economic and social well-being, and key actions the city could immediately adopt.
“Inclusive Economy London and Region’s recommendations, and centering the voices most impacted by the social and economic impact of COVID-19, are essential to tackling the most complex issues in our community,” says Michelle Baldwin, executive director of Pillar Nonprofit Network and member of Inclusive Economy London and Region.
Download the report