2 million LDA boost for hi-tech design and manufacturing in London
10th February 2009
LDA provides 2 million pound boost to hi-tech design and manufacturing in London
The funding is supporting Metropolitan Works, a creative business centre at London Metropolitan University. The new centre will offer state-of-the-art technology, training and workspace for designers, engineers, and artists to bring creative ideas to life.
Supporting the project overall, the LDA provided £2m to fund specialist equipment. A further £1.5m funding from the Department for Communities and Local Government was also managed by the LDA. The new centre is the latest in a succession of projects funded by the London Development Agency.
The Mayor of London, Boris Johnson, said:
"London's creative sector makes a significant contribution to London's economy. It is also filled with talented people – drawn to the capital from across the world – who add to the excitement and buzz of London life. It is vital that we continue to enable creative businesses to thrive, so that we can emerge out of these difficult economic times as the leading city for innovation."
Rebecca Shepheard, LDA Director of Contract Management, said:
“The creative sector is a key part of London’s economy, worth £21bn and responsible for a fifth of all new jobs in London.
“We fund a number of creative projects, such as Film London and the British Fashion Council. This latest support for Metropolitan Works comes at a time when helping London’s businesses is vital to get them through the economic downturn.
“It is timely that the launch of this exciting project will begin to immediately provide much need support to the creative and manufacturing sector.”
The announcement follows the unveiling of the Mayor’s Economic Recovery Action Plan, which is a package of 60 measures to get London back on track and through the economic downturn, and aims to ensure that the capital is fully equipped for the eventual upturn in the economy.