‘Floor not a ceiling’: Sadiq Khan pledges to create at least150,000 jobs in AI, fintech and sciences
Sadiq Khan has pledged to create 150,000 new jobs in key growth sectors, including artificial intelligence (AI), financial and climate technology, and life sciences.
The mayor of London – who is campaigning for a record third term in office – will unveil the new London growth plan with Labour’s shadow Chancellor Rachel Reeves this morning.
Khan pledged to create employment opportunities by 2028 in partnership with a Labour government, who are widely expected to win the next general election.
He said: “London’s economy is now growing faster than any other region, but we’ve been held back by years of economic failure, incompetence and uncertainty by successive Tory governments.
“London has so much more potential that can be untapped – not only for the benefit of our capital city, but the whole country.”
The mayor told Morning Wire: “Over the last eight years since I’ve been mayor, I campaigned to be the most pro-business mayor London’s had and that included working with the private sector to create jobs.
“In the last eight years we’ve helped create 330,000 new jobs in London. We think a realistic target over the next four years is 150,000 high quality well paid jobs, particularly in those fast growing sectors, but also there’s two established sectors, creative industries and financial services.”
Khan added that he hoped to surpass the 150,000 target, calling it “a floor not a ceiling”.
He said: “I’d rather under promise and over deliver… I think I can say with confidence this new London growth plan, City Hall, government, councils, businesses, trade unions, we can help create those jobs in London.”
Khan said his priority would be to focus on “high-quality, well-paid jobs for the young Londoners who need them most”, especially from lower-income households, including in financial services and creative industries.
Key sectors include: finance and business services; retail, hospitality, leisure and tourism; manufacturing; logistics; built environment and construction; health and life sciences, digital, fintech, retail tech, cyber and AI; creative industries; and climate tech and the energy sector.
Reeves said Labour in power would “reset the relationship between national government and London” in a bid to support firms and trigger investment and economic growth – as part of Labour’s wider aspiration to achieve the highest sustained growth in the G7.
She added: “A Labour government will kick-start Britain’s engines of growth. We will put an end to the Tory government’s damaging and counterproductive approach of talking London down and not valuing the vital contribution it makes to our national economy.”
The plan will focus on levelling up within London, small businesses, the outer boroughs and the central business district.
It will be developed in close collaboration with councils, businesses and trade unions, alongside the Mayor’s Fund for London working with private sector partners to create jobs.
Labour has also pledged to create half a million jobs across the UK via a new national wealth fund investing in future growth industries.
Conservative mayoral candidate Susan Hall said: “Sadiq Khan’s jobs claims are nothing but sketchy projections, and completely ignores the jobs and businesses he destroyed with his disastrous ULEZ expansion and his failure to support our night economy.
“For London to succeed, we need a mayor who listens. I will make our streets safe, scrap the ULEZ expansion on day one, and build more family homes that people can afford, because those are the issues that are holding London’s economy back.”