The Institute for Global Prosperity launches new London Prosperity Board with J.P. Morgan
22 February 2017
UCL’s Institute of Global Prosperity (IGP) leads new grassroots project in East London
The Institute for Global Prosperity (IGP) has launched the London Prosperity Board which brings together government, businesses, NGOs, community organisations and local people to test new ways of working to make sustainable and inclusive prosperity a reality for the capital’s neighbourhoods. The Board is supported by the JPMorgan Chase Foundation.
The Board’s research will focus on understanding what people value and what they require to feel that they have meaningful lives, and are flourishing in fast changing neighbourhoods. It builds on the Institute’s strong relationship with East London, where it is working with people living in Hackney Wick, Stratford and East Village to define indicators of prosperity and well-being that can be used to assess in a rigorous, community driven way whether communities are progressing towards sustainable and equitable prosperity.
Professor Henrietta L Moore, Director of the UCL Institute for Global Prosperity, says:
“Prosperity is usually understood in purely monetary terms, but money is only part of what makes us feel like we are living good, meaningful lives. Do we feel part of a community or are we socially isolated? Are our local public spaces well cared for, welcoming and usable? Do we find our work enjoyable, stimulating or significant? Do we feel like we have less than others or does our society look equal? These and many other factors all go into how good we feel as individuals and as a society. The London Prosperity Board will be a powerful tool to understand value in much broader terms and map the extent to which East London is benefiting from the big changes it has seen since London 2012.”
The research will begin in 2017 with two pilot projects looking at prosperity and integration from the point of view of individuals and the local prosperity gap of neighbourhoods as a whole. The team hopes that the evidence it generates will spark new ways to develop opportunities and tackle inequality for people in East London, from managing the challenges of regeneration, gentrification and rapid social change to training and support for the work of the future.
Talking about the relevance of this project to London, Professor Henrietta L Moore said:
“London is one of the most vibrant and wealthy cities in the world yet there remain stark differences in health, wealth, opportunity and wellbeing between the richest and most deprived neighbourhoods in the capital. Orthodox growth-led economic models have not led to sustainable improvements in living standards for many people. After austerity, and now Brexit, London needs innovative new partnerships, approaches and policies to tackle these problems, and create models that deliver for more people. We are delighted to have J.P. Morgan on board with us.”
Hang Ho, Head of Philanthropy for Europe, Middle-East and Africa at J.P. Morgan says:
“As a firm J.P. Morgan is committed to ensuring that we add value to and strengthen the communities in which we operate. Supporting economic inclusion in East London has been a priority for us and the Prosperity Index has the potential to lead to positive economic and social outcomes for the area and provide a platform for stakeholders from the public, private and third sector to work collaboratively with local people. We look forward to partnering the Institute of Global Prosperity on this new and innovative approach.”
Find out more about the UCL Institute for Global Prosperity: https://www.ucl.ac.uk/bartlett/igp/