Agenda and minutes

Apologies for absence were received from Councillor Shantanu Rajawat (Hounslow Council) and Councillor Peter Mason (Ealing Council).  It was noted that Councillor Shital Manro would be formally substituting for Councillor Peter Mason (Ealing Council).

Members of the Board are invited to declare at this stage of the meeting, the nature and existence of any relevant disclosable pecuniary or personal interests in the items on this agenda and to specify the item(s) to which they relate.

No declarations of interest were made during the meeting.

To approve as a correct record the minutes of the last Board meeting held on Thursday 19 November 2024.

RESOLVED that the minutes of the previous meeting of the West London Economic Prosperity Board held on Thursday 19 November 2024 be approved as a correct record.

Ahead of the publication of the London Growth Plan, to receive an update from senior leaders at Imperial College London about the university’s plans for the WestTech Innovation Corridor. The Board will be asked to consider opportunities for collaboration and explore how residents across West London can benefit from hosting innovative firms and sectors.

The Board is asked to note thatAmanda Wolthuizen, Vice Principal (Strategic Engagement), Imperial College London has been invited to attend for this item along with Tom Bailey, Strategy Director (Innovation Ecosystems) and Katy Ingleby (Public Affairs Manager).

(Agenda republished to include the attached paper on 20 February 2025)

Councillor Muhammed Butt (as Chair) welcomed John Anderson (Chief Investment Officer – Imperial College London) & Katy Ingleby (Public Affairs Officer – Imperial College London) to the meeting and invited them to provide a short presentation updating the Board on development of the WestTech Innovation Corridor vision and concept ahead of publication of the London Growth Plan.

The following key issues were highlighted as part of the presentation:

·             The background and context to the involvement of Imperial College London in development of the WestTech Innovation Corridor.

·             The vision for the Corridor based on use of research universities (such as Imperial College) as a catalyst for driving investment, jobs and growth across West London.

·             The development of the Imperial College London strategy “Science for Humanity” as a basis for the work being undertaken to create the WestTech Corridor as a world leading hub for innovation, entrepreneurship and technological advancement in West London.  In seeking to build from a science and innovation base to amplify investment and impact, reference was made to:

o      Albertopolis (as one of the original Innovation Clusters);

o      Paddington Life Sciences (focussed on the rapidly growing life science cluster located around St Mary’s Hospital, the Digital Collaboration space and Paddington as one of North West London’s major transport termini);

o      White City Deep Tech Campus & Innovation District including a thriving ecosystem of co-located incubators, startups and industry partnerships;

o      Old Oak & Park Royal as one of the UK’s largest opportunity areas.

·             Growth trends to date and potential for the future:

o      In the previous five years the number of deep tech businesses in the White City area had increased by 76% to 102 companies with the number of employees having increased by 219% to just over 4000 people;

o      Companies within the cluster had collectively secured over £1bn of investment funding over this period (representing six times the level of funding secured by other deep tech businesses across the UK on a per firm basis);

o      Based on an indicative analysis, the Board was advised that if these growth rates were to be replicated across the wider WestTech Corridor over the next five years the number of employees working in deep tech would increase by 142,000 or 7.4% (not including wider supply chain effects) with investment across new and existing deep tech businesses having the potential to reach £30bn.

·             The outline of key hubs across the Imperial WestTech Corridor including the Imperial College London campuses, Imperial NHS Hospital sites, Future innovation Clusters and major transport links supported by development of a collective strategy designed to bring together a wide range of partners including the public, Not for Profit and Stakeholder Equity sectors to attract and drive investment.

·             The support of the Board and local authorities as a welcome and key factor in the future success of the Corridor.

The Board noted the importance of the collaborative approach being undertaken involving engagement between local authorities, universities and businesses with the Chair taking the opportunity to thank John Anderson for the  ...  view the full minutes text for item 4.

Ahead of the publication of the London Growth Plan, to receive an update from Oxford Economics on their research into the West London economy.  The Board will be asked to consider the key findings and approve the proposed second phase of research.

The Board is asked to note that Neil McCullough, Director of Cities Consultancy, Oxford Economics has been invited to attend for this item.

(Agenda republished to include the attached paper on 20 February 2025)

Councillor Muhammed Butt (as Chair) introduced the item, reminding members that Oxford Economics had been commissioned (following a need identified at the West London Alliance Leaders Board) to improve the evidence base relating to the West London economy.  The Board was advised that the first phase of the analysis had now been completed.

The Chair then welcomed Neil McCullough (Director Cities Consultancy – Oxford Economics) and Hugo Bessis (Oxford Economics) to the meeting, who had been invited to provide a brief presentation on the initial findings from the research.  The following key issues were highlighted as part of the presentation:

·             The outline of the main research objectives, along with initial analysis of the strong fundamentals identified in relation to the size and strength of the West London economy, based on population, location, skills and earnings with strong specialisation identified in relation to strategic sectors such as life sciences, logistics & aviation, creative industries and digital activities.

·             Despite the strong foundations identified, the analysis had also shown West London performing behind other regions (such as East London, Oxford Cambridge Arc, London and the UK as a whole) in terms of economic output by Gross Value Added (GVA), which in 2024 had been 16.4% lower than in 2019.  With the economy in West London still recognised as recovering from the pandemic, this decline was partly attributed to the fact that some sectors had taken longer to recover (such as aviation) along with West London having a lower share of highly productive sectors (particularly professional services).  However, it was also evident that some of West London’s sectors had tended to be less productive then the London average.  As a result, the baseline forecast for West London within the initial analysis had remained relatively modest compared to London overall and the rest of the UK.

·             Although the initial baseline forecast had been modest, the analysis had identified the potential for significant productivity growth in the West London economy with the ability to contribute an additional £7bn per year in GVA if each of West London’s sectors was as productive as the London sector average. In noting that the London economy had been slowing and gaps between regions was narrowing, West London’s position within London was also identified as key, given the sub region’s ability to attract skilled workforce, its international links and its proven ability to deliver quick returns in relation to infrastructure and skills and employment support investment.

·             Oxford Economics had identified five key sectors to explore in more detail:

o      Life sciences: recognised as a well-established sector (Imperial College, Brunel University, various pharmaceutical groups), with significant growth opportunities, and supportive Government policies.

o      Advanced manufacturing: recognising West London as the manufacturing hub of London with activity focussed mainly on food, drink and basic pharmaceuticals. Opportunities for linkages with other sectors (e.g. life sciences) were a key area of future potential, if land availability and cost constraints could be addressed through successful regeneration.

o      Logistics and aviation: identified as key sectors due to the  ...  view the full minutes text for item 5.

To receive a verbal update on progress in developing and promoting the proposed scheme.

As the final item on the agenda, the Board received a verbal update from David Francis (Director - West London Alliance) on progress in developing and promoting the West London Orbital Rail (WLO) scheme, with the following issues highlighted:

·             Having completed the latest stage of feasibility design work, TfL had now initiated further work to stress test the modelling and economic appraisal of the scheme in order to ensure the benefits had been accurately captured prior to the next stage of design work.  This work would be likely to see

o      An increase in forecast journey time savings, modal shift and passenger demand for the scheme.

o      Additional work being undertaken by TfL and WLA on the economic growth case and narrative for the scheme ahead of the Government Spending Review.

·             The scheme remained one of the Mayor for London’s top three priorities for next generation transport infrastructure investment, with further technical design work due to commence in Summer 2025, subject to funding.

Given the limited time available for the remainder of the meeting, the Board noted the update provided at the meeting without further comment and it was RESOLVED that regular progress updates continue to be provided at future meetings.

To consider any other items of business notified in advance of the meeting.

No items were raised at the meeting.

The Board are asked to note the programme of dates for future meetings scheduled during 2024-25, which will be hosted by the London Borough Brent:

·             Tuesday 3 June 2025 – 11am

·             Tuesday 16 September 2025 – 11am

The Board noted the following programme of dates for meetings during 2025:

·             Tuesday 3 June 25 – 11am Conference Hall, Brent Civic Centre

·             Tuesday 16 Sept 25 – 11am Conference Hall, Brent Civic Centre