Is it sustainable? Why?
Develop a ‘Green Park’ for sustainable employment and research
Advantages · This would create jobs in construction, including apprenticeships, which would help to train young people in the area who perhaps do not have any educational qualifications and would reduce unemployment and lead to a more skilled workforce.
· Higher salaries for local people.
· It also creates jobs for ‘highly qualified researchers and managers.’ This would bring people on a high income to the area that would spend more money in the local economy. Local shops, restaurants and other services would benefit as these people spend more money.
· London’s reputation as a ‘green’ city would be promoted.
There would be a need for more in-migration to Newham and this creates an additional burden on the housing in the area.
· More people in the area may force the price of housing upwards.
· There is a chance that some of the apprenticeships and semi-skilled jobs would go to people from outside of Newham.
The ‘eco-friendly’ businesses would help to promote conservation and a reduction in energy use throughout the area, in the UK and internationally.
· Economically and socially, it would provide more long-term job opportunities for the Newham residents.
· Environmentally, it promotes the use of sustainable building materials.
Develop a new Technology Park
Develops the knowledge economy in industries such as engineering, computing and research & development of products. The workforce will need to be computer-literate and highly skilled so it will lead to investment in education in the area.
· Overseas investment - global companies may move to the area e.g. Google which will improve the profile of Stratford.
· Highly skilled and educated people will move to live in the area. Many of these people are highly paid so will have more disposable income. This means they will have more money to spend in the local area, stimulating the economy.
· New companies may invest in training up local people consequently leading to more employment in skilled industries.
· Attracts investment and other businesses to locate in the area – the multiplier effect. As one business is attracted, others emerge as well.
· It’s enterprising - new companies could receive advice and support on starting out in the area.
Businesses would need to be prepared to meet the costs of modifying the existing buildings such as the Media Centre, although many of the Olympic buildings have been designed with flexibility in mind.
· Smaller businesses and other industries may have to move away from the area.
· Local people in Newham currently do not have the skills needed to work in these industries with 34% lacking any educational qualifications and nearly 40% in semi-skilled or unskilled…