Hackney Council has unveiled a bold new economic development plan designed to ensure the benefits of this boom reach all residents — and it’s calling on locals to help shape it.
Hackney has emerged as London’s fastest-growing economy over the past eight years, welcoming tens of thousands of new jobs and thousands of new businesses. But the borough is not resting on its laurels. Hackney Council has unveiled a bold new economic development plan designed to ensure the benefits of this boom reach all residents — and it’s calling on locals to help shape it.
Since 2017, Hackney has seen 50,000 jobs created and 5,000 new businesses established, thanks in large part to a thriving tech, creative, and professional services sector. The borough has become a hub for innovation, attracting entrepreneurs and investment alike. Yet for many residents, the prosperity remains out of reach.
With significant pockets of deprivation persisting, the new draft Economic Development Plan sets out a mission to deliver inclusive, green and sustainable growth. A six-week public consultation is now underway, inviting residents, businesses, and organisations to share their views and priorities.
Two Sides of Hackney’s Story
Hackney’s growth statistics are undeniably impressive. According to data compiled by the Office for National Statistics and the Greater London Authority, no other London borough has expanded its economy at a faster rate since 2017.
This economic renaissance has brought about a wave of opportunity — job creation, business innovation, upskilling and increased footfall in town centres. Areas such as Hackney Central, Hoxton and Dalston have seen a resurgence, powered by both public investment and entrepreneurial activity.
But alongside this upward trend lies a persistent challenge: Hackney has the third-highest income deprivation level in the capital, and a large proportion of children in low-income households, even after housing costs are factored in.
Cllr Sam Pallis, Deputy Cabinet Member for Inclusive Economy, acknowledged the contradiction:
“In Hackney, we’re proud of the growth that’s taken place — but we also recognise that growth hasn’t benefited everyone. Too many families are still struggling to get by, and too many young people lack access to quality opportunities. This plan is about changing that.”
Fairness, Sustainability and Participation
The draft Economic Development Plan lays out four ambitious “missions” that will guide Hackney’s approach to economic policy:
- Enabling Residents to Participate in the Economy and Society
Through job access, skills development, apprenticeships, and lifelong learning.
- Building a Climate-Resilient and Sustainable Economy
By supporting green industries, cutting business emissions, and promoting environmentally friendly infrastructure.
- Creating a Fairer, More Inclusive Economy
Tackling barriers to employment, promoting the London Living Wage, and supporting underrepresented groups in the workforce.
- Spreading the Benefits of Regeneration and Investment
Ensuring that town centre growth, new developments and commercial investment benefit all communities equally.
The plan advocates closer collaboration between the Council, local businesses, community organisations, and education providers. It also envisions new uses of council resources — such as procurement power — to support local firms and incentivise fair working practices.
Building on a Strong Foundation
The Council is not starting from scratch. In recent years, it has rolled out several initiatives that reflect the goals of the draft plan. These include:
- Supporting 300 people into secure, well-paid employment in 2023–24
- Delivering over 6,500 square metres of discounted workspace to local firms
- Allocating £1 million through the Hackney Impact programme to support more than 200 small businesses
- Funding green job skills in sectors like sustainable construction
- Securing major town centre investments, including £19 million for Hackney Central, £3 million for Hoxton, and £1 million for Ridley Road Market
These efforts, the Council says, show that inclusive growth is not just a slogan — it’s already happening. But with pressure mounting from the climate crisis, the cost of living, and rising inequality, the need for a more strategic and future-focused plan is clear.
A Borough-Wide Conversation
The Council is urging people from all walks of life to get involved in shaping Hackney’s economic future. A borough-wide consultation is running until 25 June 2025, featuring community events, roundtables, and online outreach.
Residents and organisations can read the draft plan and provide feedback by visiting bit.ly/hackneyEDP.
Cllr Pallis added: “We want to build an economy that works for Hackney. That means listening. This plan will only succeed if it reflects the needs and ambitions of local people, so we need everyone to get involved. Whether you’re a business owner, a jobseeker, a student, or a parent — your voice matters.”
What’s Next?
After the consultation closes, the Council will incorporate feedback and publish a final version of the plan later this year. If adopted, it will guide policy decisions, investments, and partnerships across Hackney over the coming years.
As Hackney looks to the future, the message is clear: economic growth must serve the many, not the few. And with this plan, the borough is laying the groundwork to make that ambition a reality.
