Boris Johnson has confirmed Harvey McGrath, Chairman of Prudential plc, as the first appointment to the London Enterprise Partnership. Mr McGrath will co-chair the new board alongside the Mayor.
The London Enterprise Partnership is intended to be a business-led board, focused on investment in the capital, business and growth and securing training and employment opportunities for Londoners.
Boris Johnson, Mayor of London said: 'I am delighted that Harvey is going to be taking forward setting up the London Enterprise Partnership with me. Harvey's record of public service and achievements in the business world is exemplary. I want to draw on the expertise of London's business leaders to design and help deliver the next phase of economic development investment in the capital and I am grateful that Harvey will be with me at the helm in this endeavour.'
Harvey McGrath said 'I am looking forward to working with the Mayor and his team, with business leaders and with London’s boroughs to take forward these plans to create a new investment fund for London. London needs continuous investment to ensure it remains attractive as a leading global city and to create and sustain opportunities for Londoners'.
In February the government approved the proposal to establish a London wide Enterprise Partnership submitted by the Mayor and London Councils with the support of leading business organizations. In March the government announced a new generation of Enterprise Zones and that the uplift in business rates in the Zones would go to the relevant Enterprise Partnership.
The Mayor and Mr McGrath will invite further business leaders to join the shadow LEP Board over the summer with a view to holding a first meeting in the Autumn. The final LEP Board will be created through a recruitment process launched in October.
The Board will be co-chaired by the Mayor and Harvey McGrath and include three London Borough leaders. Business leaders will be in the majority on the Board and members will bring senior and substantial experience, understanding and interest in investment, economic development and regeneration in London.