Why it needed re-branding?
- The London Docklands used to be the biggest port in the UK.
- There was a decline in secondary industry in the 1980's
- The docklands declined and 12,000 jobs were lost
- The docks were left derelict and unattractive to potential investors.
- Redeveloping was also very expensive at the time
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What strategies did they use?
- Market-led regeneration: Economic regeneration is top priority. It can lead to the 'Snowball effect' where it also attracts a lot of other companies that want to join in and invest in the regeneration for this profit.
- 21km squared of land was redeveloped and called Canary Wharf
- Improvements were made to the infrastructure making it easier to move about the city. This makes it easier for the future and a more attractive place to invest in - Boosting the UK's economy further.
- Exploited the growth of footloose companies such as IT and consultancy, Banking and Finance. E.g. HSBC
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- Canary Wharf is now the 'hotspot' postcode - businesses compete to be based in this area.
- Given the UK's economy a huge boost as it's attracted some of the worlds major financial institutions.
- Canary Wharf employs 100,000 people
- There have been further transport improvements which has seen the extension of the London Underground, developing the Dockland's light railway, new roads and the London City Airport.
- A brownfield, derelict site has been redeveloped into a financial hub.
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- People who live in Canning Town have no qualifications ( 43.1%) - Not employed by businesses in Canary Wharf when their employment should have been catered for.
- Parts of London are still among the poorest areas of the UK
- The local people and environment have not been improved.
- The wealth and poverty gap has increased as they sit side-by-side
- Only 37.6% of people in Canning town are employed full time
- Local residents feel that not enough money is being spent on the local education
- If money was spent on local social facilities, it could improve the social impacts
- They thought that the economic regeneration would have a 'trickle down' effect to the surrounding poorer communities, however this did not work as Canning town still had High levels of crime and Low economic benefit.
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