subject: Docklands business history [print this page] Docklands business history Docklands business history
During 1980, the London Docklands Development Corporation was formed under the Local Goverment and Land Planning Act of 1980. The region, now known as Docklands had fallen into poverty, with many living in extremenly poor conditions. Jobs in the area were scarce. The role of this corporation was to empower regeneration throughout the area, bringing in new employment opportunities and ensuring re-use of many mills and historic buildings within the area. The then Environment Secretary, Micheal Heseltine summed up the situation at the dosk as follows:" "The area displays more acutely and extensively than any area in England the physical decline of the urban city and the need for urban regeneration. IT represents a major opportunity for the development that London needs over the last twenty years of the 20th Century: new housing, new environments, new industrial developments, new architecture - all calculated to bring these barren areas back into more valuable use."
The isle of Dogs was given new injection through tax reliefs for Businesses and enterprises. With a 10 year guarantee for this enterprise zone, businesses could move in with the knowledge that overheads would be maintained at a mininum. Growth in the area continued at a very quick pace during the mid to late 1980's. The construction of the Docklands Light railway, opening of London City airport and construction of Canary wharf, the skyline and transportation system in and around the area, as well as the whole of London was transformed. During the 1990's, Canary Wharf was opened to tenents and One Canada Square became the new home fo the Telegraph Group, one of the UK's most recognised newspaper publishers.
With continued growth in Businesses in the area, came a significant increase in the working population, which by the mid 90's stood at some 13,000 personnel. This of course was boosted further by the addition of support services and smaller companies moving into the area, from Cab firms to hotels, fast food outlets and recycling firms, the area boomed further. By the end of the Century, most new paper publishers and major banks had relocated their operations to London Docklands.
However, the final cornerstone to this major enterprise was the construction of the Millenium Dome, on a piece of dis-used land on the opposite side of the Thames to Docklands itself. The dome itself and the concept recieved luke warm reception from the press, based directly opposite on the other side of the river, but during the first decade of the 21st century, this structure was to be transformed from a failed celebration of the new century into a masterpeice for exhibitions and concerts.
During the recession towards the end of the decade, docklands was significantly affected by the Banking crisis. However, this remained confined to Canary Wharf, which many other businesses feeling the effect of cash shortages brought about by a decline in customers. However, the gap was soon filled by new tenants and a resurgance in popularity associated with the area. Docklands continues to attract businesses and opportunities for many potential tenants. As a result, such sectors as recycling and waste management have been attracted to the area, in an attempt to provide further services in a growing and dynamic market.
