Council leader Tony Newman has welcomed Croydon’s position as the UK’s fastest-growing economy – with the promise of more growth to come.
A new report shows Croydon has recorded an annual business growth rate of 9.3% – making it the UK’s fastest-growing economy, with several other London boroughs in the top 10. Croydon’s increase compared with the UK average rate of 3.4%.
The report, by accountancy firm UHY Hacker Young, cited significant investment in Croydon’s infrastructure and good transport links, plus its growing reputation as a base for tech start-ups, as factors contributing to the borough’s economic growth.
Colin Jones, partner at UHY Hacker Young, said: “Over the last two decades, significant resources have gone into Croydon’s regeneration including improving its transport connections with the rest of London and the UK.
“With such close proximity to Gatwick, Croydon is perfectly located for both international trade and European-based companies looking to open a UK base.”
The news comes after the council and the Greater London Authority secured Government permission earlier this year to create a £350m Growth Zone fund to invest in the borough’s infrastructure.
A major new shopping mall will also be built in Croydon by Westfield / Hammerson as part of a £5bn regeneration scheme, and the council also plans to build 9,500 new affordable and market-rate homes by 2021. In addition, major names have recently decided to move to offices in central Croydon, such as HM Revenue and Customs bringing over 2,000 jobs, EDF Energy, Superdrug and The Body Shop.
“We’re proud that Croydon is London’s growth borough, and this council is playing a significant role in boosting our local economy, from building much-needed homes to investing in our infrastructure through the Growth Zone. We’re also determined to ensure all local residents benefit from our borough’s growth in terms of job training and affordable housing.
“By supporting businesses and planning major regeneration on the scale of a modern European city, this council is confident that Croydon’s economy will continue to go from strength to strength in the decades to come.”
Councillor Tony Newman, leader of the council