Working together to build a good economy for Haringey
Haringey’s Cabinet agreed its Community Wealth Building approach last night, working to create a more resilient borough, with jobs and opportunities for residents, and support for local businesses.
The Haringey Council Community Wealth Building approach will create an economy that is rooted in the community, with the council leading by example. It means the council will:
- Use all our available levers to make sure every public pound delivers maximum public good and wherever possible builds the prosperity of local people and businesses
- Support residents economically and socially, with a focus on employment, particularly in areas with high levels of deprivation
- Give residents a greater stake in public services and the Haringey economy
- Work with partners to ensure they embed the same approach across the borough
In a separate decision, Cabinet also agreed to adopt a Community Wealth Building approach to our small business loan funds by:
- Expanding our Opportunity Investment Fund (OIF)
- Launching the new Productive Valley Fund
The funds will enable businesses to access finance in order to grow where they may not have otherwise have been able to or bring forward expansion plans more quickly. They will also encourage businesses that share our values to come to Haringey, to the benefit of local people. When loan repayments are returned, they will be loaned again to the next generation of applicants.
Haringey will work with partners to ensure local businesses are able to grow in a challenging economy, and that residents have greater access to quality jobs, where they are able to thrive while earning the London Living Wage. There will also be more training and apprenticeships, modern employment space, more trading with existing businesses, more money within the local economy, and closer working between businesses and schools and colleges.
The Opportunity Investment Fund – which has loaned £2.78m to 20 businesses in Tottenham since it launched in 2015 – will be expanded to cover Wood Green commercial centre and other areas of industrial employment in Tottenham previously outside the OIF area.
To date the OIF has facilitated the creation of 119 jobs (46% of which were filled by local people) with a further 166 committed to be created over the loan period. Of the 20 businesses benefiting, 50% were new start-ups and 50% were led by Haringey residents. Some 11 out of the 20 OIF loans awarded to date have been provided to businesses on Tottenham industrial estates.
The new £2.7million Productive Valley Fund, covering industrial estates in the Upper Lee Valley, will also support businesses that want to invest in capital building works, refurbishment or purchase of equipment. The intention is to increase productivity, job growth and local workspace and enhance the area’s commercial impact. This launches tomorrow (Thursday), in partnership with Waltham Forest and Enfield Councils, as well as the Mayor of London.
Cllr Gideon Bull, Cabinet Member for Local Investment and Economic Growth, said:
In Haringey, 34% of residents live below the poverty line. This is evidence that our economy is not working - especially for our poorest families and communities. Our approach seeks to lead by example - to intervene and address the fairness in our economic system and wider society. Whether it is through job creation, training, or support for local businesses, we are determined to do everything we can to make sure the public pound is working for our community. This stretches to small local businesses too – I am thrilled that we can help local people thrive and grow.
As part of a package of work, Cabinet also agreed an ambitious insourcing policy. Read about that here: https://www.haringey.gov.uk/news/new-era-local-public-services
Read more about the Opportunity Investment Fund: https://tottenham.london/OIF
The Productive Valley Fund launches on Thursday. Find out more about the Upper Lee Valley: https://www.london.gov.uk/what-we-do/planning/implementing-london-plan/opportunity-areas/opportunity-areas/upper-lee-valley