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GLE CALLS FOR MORE FUNDS

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More funds are needed to finance the development of industrial property for small and medium-sized firms, according...
More funds are needed to finance the development of industrial property for small and medium-sized firms, according to Greater London Enterprise.

GLE, the economic development company owned by the 32 London boroughs and the Corporation of London, claims smaller businesses are being squeezed out of the capital by major retailers and housing projects.

GLE Properties managing director Martin Large said: 'Small and medium-sized enterprises have contributed over 50% of the net job gains in London, yet urban regeneration programmes are not linking small, growing businesses in outer urban areas with people seeking work in the inner city.

'Retail and residential projects are dominating land usage. There is an under-supply of small, affordable business units for rent or purchase at a time when the economy as a whole is increasingly relying on business start-ups.'

GLE wants councils to transfer assets into joint ventures where they need investment, and for other institutions to invest in the property sector for small and medium-sized enterprises.
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