London mayor Sadiq Khan and Shadow Chancellor Rachel Reeves have announced a ‘London Growth Plan’ with the aim of creating 150,000 high-quality, well-paid jobs by 2028.

The growth plan will focus on the Central Business District as well as small businesses and outer London. The jobs will be created by securing new investment for London, growing small and medium-sized businesses and attracting new businesses to the city.

Growing sectors including AI, cyber, health and life sciences, as well as creative industries will be prioritised within the plan.

Khan said: “London has so much more potential that can be tapped, not only for the benefit of our capital city, but the whole country.”

The plan also includes asking the Mayor’s Fund for London to collaborate with private sector companies to help people from low-income backgrounds to get into the job market.

Derek Mackenzie, CEO of Investigo, part of The IN Group, commented: “It’s fantastic to see the London mayor prioritising the job market, empowering people in the City. Businesses must also play their part, offering training programmes, flexible working policies, career mentoring and progression opportunities to create an inclusive high-performance culture that can attract and retain talent, unlocking the power of people.

Especially in core focus areas such as AI and cyber, businesses need highly-skilled staff to oversee innovation and growth. In fact, our recent Tech and the Boardroom research highlighted cyber as the biggest talent pain point for businesses with 38 per cent struggling to hire in this area.”

He added: “Therefore, businesses must put the foundations in place to support staff, helping to place them in teams where they can succeed, while nurturing their skill sets to enable them to thrive.”

The news comes as Khan looks to boost his re-election campaign ahead of the London mayor elections on May 2nd. The plan will be developed alongside councils, businesses and trade unions.