Agenda item

To receive an update from the Westminster Investment Service and to review its priorities.

7.1       The Committee invited Councillor Green, Cabinet Member for Business and Learning to present the report on the work of the Westminster Investment Service (WIS), with contributions from Haylea Asadi, Director, Regeneration and Economic Development, Jace Tyrell, Chief Executive of New West End Company and Nathan Vasey, Westminster Investment Services Manager.

7.2       It was stated that the WIS began in June 2021 with the aim of addressing the economic impacts of the pandemic and Brexit. It was hoped that residents and businesses would benefit from an increase in inclusive and sustainable businesses. The WIS worked primarily with London and Partners as well as BIDs to provide support for new businesses settling in the City.

7.3       A Member queried the involvement of the Harley St. BID, and its suitability with the WIS’s focus on the retail industry. It was confirmed that the WIS worked with all BIDs and welcomed businesses from all sectors. The Council also confirmed working with Westminster Business Forum. The WIS discovered that by working with various partners, each could bring their expertise to address the issues. It was confirmed that the WIS worked in all four sectors and covered the whole of the City.

7.4       Jace Tyrell explained that Covid had had a significant impact on retail, leisure and hospitality, citing a loss of 80% in sales and reduced property values.  Many businesses were now paying rates, not rents, which has enabled the growth of temporary businesses such as the candy stores. The WIS provided the opportunity to address this and to coordinate a plan, through partnership working, to bring back viable businesses into the Oxford St. area, such as the City’s first sustainable store on South Molten St.

7.5       A Member queried how the WIS would ensure that City residents were able to benefit from its work. Members were informed that WIS had an employment programme, with particular focus on the restaurant and hospitality sector. The programme would help get long-term unemployed residents back into employment. They were also liaising with Westminster Adult Education and the Young Westminster Foundation to provide training to support this.

7.6       Discussion arose on some of the barriers individuals encountered when accessing employment. It was reported that childcare and late-night transportation were priority concerns. It was suggested that having creche facilities available in businesses may increase the number of working mothers back into the office. It was confirmed that creche facilities were available for those undertaking training through the Westminster Adult Education Services at Amberley Road and Church St. It was agreed that further investigation on this was needed.

7.7       Members queried the advantages of working in the City. It was acknowledged that employees benefit from having “culture on their doorstep” in the form of shops, theatres and restaurants and that this was a major attraction for new businesses.

7.8       In reference to Green Economy and Clean Tech, Members suggested having a pop-up stall for electrical repairs (similar to the Westminster Wheels initiative), citing its value for those who did not have access to online help. Hayley Asadi confirmed that a similar idea was underway through The Good Store on South Molten St. It was agreed that extending this service to markets once The Good Store had been established would be considered.

7.9       Members sought clarification on how the WIS would promote itself. It was confirmed that the promotional budget would not come from the Council, but from the landowner contributions to London and Partners. By collaborating with the various partners, the messages from WIS would be clearer and stronger.

7.10     The Chair thanked the Cabinet Member, officers, and partners for their work on the WIS and recommended an update be brought to the Committee in 12 months’ time.

7.11     RESOLVED:  To note the contents of the report and any recommendations that may arise from the discussion.

Recommendations:

1.         To update the Committee on the Services’ work in 12 months’ time (date to be agreed).

2.         To consider the use of pop-up repair stalls in markets (with reference to the Westminster Wheels initiative).

3.         To further investigate the feasibility of including creche facilities in businesses to attract working parents back into the workplace.