BUSINESS BRIEFING: How the 2012 Olympics will affect the borough’s economy

Hackney is bracing itself for the Olympic Games, and local businesses are crossing their fingers for a profitable 2012, writes Sarah Bloch


As the budget rises by the week, and Londoners tighten their belts to pay the additional council tax levy, the festive spirit of the Games is fast ebbing away. But Hackney stands to see the direct benefit of government investment, with almost a third of the Olympic Park falling within its walls.

Top of Hackney’s shopping list is transport. It’s the only inner London borough north of the Thames without the tube and local rail services stop infrequently at run down stations. Hackney’s transport deficiencies reinforce the perception that it is isolated from central London, despite its proximity to the Square Mile; this deprives it of visitors and investment.

The extension of the East London Line will bring the underground into the borough for the first time. The North London Line, which serves Hackney Central and Dalston Kingsland, will also be upgraded in time for 2012.

Vital for Hackney are the estimated 150,000 jobs the Olympics will create over the next seven years. A further 12,000 workers will be needed to service the site after the competition. Currently the demand is for construction workers, but during the Games more will be needed from the tourism, media and hospitality industries. A partnership with Hackney Community College to form a centre of vocational excellence has been set up so young people can qualify under the construction skills certification scheme. These are lasting skills that will be in demand long after 2012.

Hackney will host the Olympic food court and the council hopes that building on the area’s strengths in this sector will lead to permanent jobs. One idea is to offer central London markets the chance to relocate to a ‘food cluster’ in Hackney. This will draw on the strong tradition of street markets in the borough and offer significant business opportunities to existing stallholders and small businesses.

The borough will be also be made more attractive by £4 million worth of investment in parks, green spaces and sports facilities, including an international standard basketball arena.

While the rest of Britain moans and groans about increasing costs, Hackney has the chance to witness real change on its doorstep. The benefits of reinvigorating Hackney’s economy should not be overlooked.

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