Islington Labour is committed to making the borough a fairer place for all, and at the heart of that ambition is building a local inclusive economy that benefits all of our residents.

In a bold new step to achieve an inclusive economy, the Council has adopted a new landmark approach to securing genuinely affordable workspace for local people and small businesses.

Building on work that has seen office and workspace the size of more than three Olympic-sized swimming pools secured in developments for local entrepreneurs, the Council’s new Affordable Workplace Strategy will secure below-market-rate space through the planning process.

Significantly, and in a move that is the first of its kind in the country, ‘social value’ will be at the heart of contracts that are signed to encourage providers to create long-term benefits for local people and businesses.

Cllr Asima Shaikh, Executive Member for Inclusive Economy & Jobs, commented: 

“Our approach to economic development is underpinned by our commitment to creating a local economy where sustainable, inclusive growth is harnessed to reduce unemployment, poverty, and inequality of opportunity.

This exciting new policy will not only help local small businesses with more affordable rents, but local people will also benefit from providers delivering a range of education, training and job opportunities. This work will particularly focus on opportunities for young people without qualifications and women returning to the workplace.

I’m proud that we will be offering real and meaningful help to businesses that might otherwise be pushed out due to unaffordable rents.”

The first genuinely affordable workspaces will be available in January 2019, offering micro and small businesses a base that is local, affordable and flexible enough to grow with them in those crucial early stages.

Affordable workspace is often defined as workspace that has a rental value below the market rate – generally 80% of the market rate or less. However, rents in Islington of 80% of market value may not be affordable to micro and small businesses. That’s why the Council is committed to assessing the genuine affordability of any new workspaces that are secured on a case-by-case basis.

The Affordable Workspace Strategy builds on the council’s £2million plans to provide or secure space for micro, small and medium-sized businesses in Finsbury Park, announced earlier this year and supported by the Mayor of London’s Good Growth Fund.