• MP praises Sutton Council as a ‘catalyst for investment’
• New development company will build homes

Vince Cable has backed proposals for the Tramlink to be extended to Sutton and wants it to serve the proposed world class Life Science Cluster in Belmont.

Dr Cable was speaking at Sutton Council’s Opportunity Sutton Investment Conference on Friday which markets the borough to investors and developers.

Since Opportunity Sutton was set up as the boroughs flagship Economic Growth Programme two years ago, it has generated £330m of planned inward investment.

It has helped Sutton to become one of the most attractive places in the country to live and do businesses. Last year 939 new businesses and 33 new shops opened resulting in a 137.3% increase in net growth.

A recent Family Hotspots Report found that Sutton postcodes SM3, SM1 and SM2 were all in the top ten places in London for family friendly living. Another report this year by Rightmove found Sutton to be the third highest local authority in the country for the speed of house sales.

Sutton Council is building on that success by setting up a development company to build new housing in the borough for the first time since 1989.

It is also working with the Institute of Cancer Research and the Royal Marsden to create a Life Science Cluster which will create economic opportunities in the same way Tech City has in east London.

To support the area’s growth, Transport for London is currently looking at extending the Tramlink from Wimbledon to Sutton High Street.

Dr Cable told the conference that he gave his backing to those projects and sees them complementing one another with a tram stop serving the Life Science Cluster site

Dr Cable said:

“Investment in infrastructure to support economic growth is a key part of the Autumn Statement. Sutton’s ambitious plans to deliver a Life Science Cluster needs to be supported by infrastructure projects such as extending the Tramlink from Wimbledon to Sutton via the cluster. This will help secure thousands of jobs and millions in investment.

Mr Cable also praised Sutton for its local approach to attracting investment through Opportunity Sutton and backed its calls for devolution to give local authorities more power to decide their own futures.

He said:

“By committing to a second wave of growth deals to support local projects Government has recognised the economic recovery needs to be driven by local areas. 

“Sutton is a living example of how local authorities can create a catalyst for investment, helping to secure economic vitality even in difficult times.

“Sutton must be commended for its commitment to finding better local solutions and its support for devolution which will help local authorities to deliver better outcomes for their residents.”

Investors at the conference also heard how Sutton has a skilled workforce ready for new challenges with a higher percentage of residents with qualifications (94.2%) that the London average (91.6%). Those figures are supported by the excellent education system in Sutton which boasts some of the best schools in the country.

Councillor Jayne McCoy, Chair of Sutton’s Business, Economy and Housing Committee, said:

“It is vital for local authorities to take ownership of economic development locally and lead the way in regeneration and economic growth.

“Companies can see we have created the right conditions here to invest. We combine a skilled workforce with one of the most popular places in London to raise a family because of our excellent schools, low crime rate and green spaces.

“By unlocking sites for development and supporting our businesses, we have already generated £330m of planned investment in two years. There are plenty more opportunities to invest so our message is clear – Sutton is open for business.” 

Sutton Council and its partners unveiled its vision for a Life Science Cluster earlier this year. The plans include the possibility of expanding facilities for drug discovery and outpatient cancer care, and creating a new secondary school which could specialise in science. There is the potential to generate more than 3,500 jobs on the site, and more than 700 additional jobs in the local economy.