It is anticipated that this move will greatly catalyse economic development in Hackney. Generally, Hackney has experienced a big transformation, hence leading to a removal of some of the negative stereotypes attributed to the city. It has in the recent past become a centre of attraction for a number of creative industries.
Hackney has seen its GCSE grades increase by an estimated 50 per cent increase in the recent past. The emergence of numerous specialist schools has raised prospects in the borough's education. The borough has in the past lacked specialists in various fields due to its economic hardships.
However, the borough continues to have a high number of adult without education. Hope therefore lies in the new upcoming generation. Moreover, the existing education schemes in the borough have not done much in increasing employment opportunities. Consequently, the number of people with appropriate skills that can offer them gainful employment is very low. This has led to a very low income flowing into the borough from other parts of England.
On the other hand, there is a lot of hope for the borough following the emerging trend of a growing number of qualified professionals, especially those of level 4. Moreover, the recent infrastructure development is increasingly attracting many firms into the borough. This greatly increases prospects of economic development in Hackney.
However, Hackney still has many challenges ahead in its endeavour to attain economic power. It is going to be an uphill task to enlighten the Hackney community on the importance of education. Moreover, the current situation does not inspire students into pursuing higher education.
Hackney has over the years suffered some of the highest rates of unemployment in England. However, in the recent past, the borough is experiencing an improvement in the rates of employment. A great deal of Hackney's potential comes from its closeness to the City. This will greatly influence the borough's economic growth, especially with the construction of a link between the borough and the city. This will in turn create numerous employment opportunities for the borough. The growing presence of the service sector in the area will help in the creation of employment opportunities for the locals.
However, Hackney borough continues to experience high levels of economic inactivity and unemployment. This can be attributed to the borough's limited opportunities. Moreover there is a high rate of migration of businesses and labour to other parts of England from Hackney. Moreover, there is a huge disparity between the north and the south in the borough. On the other hand, the growing cultural industry in Hackney borough presents it with a lot of opportunities. It will greatly improve the borough's tourism sector and, by extension, create employment opportunities.
Additionally, the current development programs in the borough will go a long way in improving economic development in Hackney (NERC, 2006). For instance, the developments aimed at improving accessibility will connect the borough with its neighbours, particularly the city. This will enable a free flow of resources from the city or other parts to the borough. The new investments