Neighbourhoods can often contain a number of opportunities and assets such as their location or a large institution – linking to these helps generate growth. Public sector initiatives of many kinds tend to focus on just tackling deprivation or helping those with multiple problems. This should be balanced with attempts to support growth and momentum to create a more comprehensive strategy.
The EC1 area contains lots of opportunities given its location next to the City, with a number of large cultural institutions. One economic opportunity was a run-down market street called Whitecross Street. Through a mixture of capital and revenue funding, the street has been revitalised with new shop fronts, an improved public realm, a busy hot food market, and a number of events. This project won an award for boosting the local economy.
Local people did challenge the investment in this project given it was seen by some as supporting ‘gentrification’ and not helping local people in need. However, it created a real sense of positivity in the area and was only a small proportion of the overall NDC investment. Also, specific efforts were made to enable local people to benefit from the growth, particularly by becoming traders on the market. It remains a bustling street market today drawing lots of visitors into the area.
