The Social Costs and Benefits of A Business Activity - Paddington Basin

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2 THE SOCIAL COSTS AND BENEFITS OF A BUSINESS ACTIVITY - PADDINGTON BASIN

INTRODUCTION 4

2 PRESENTATION 5

2.1 NOTES 5

2.2 NOTES AFTER MEETING 5

2.2.1 LOCAL COUNCIL 5

2.2.2 LOCAL BUSINESSES 5

2.2.3 RESIDENTS 6

2.2.4 NWC SCHOOL 6

3 STAKEHOLDERS 7

3.1 LOCAL COUNCIL 7

3.1.1 SOCIAL BENEFITS 7

3.1.2 SOCIAL COSTS 7

3.2 LOCAL BUSINESSES 7

3.2.1 SOCIAL BENEFITS 7

3.2.2 SOCIAL COSTS 7

3.3 LOCAL RESIDENTS 8

3.3.1 SOCIAL BENEFITS 8

3.3.2 SOCIAL COSTS 8

3.4 NWC SCHOOL 8

3.4.1 SOCIAL BENEFITS 8

3.4.2 SOCIAL COSTS 8

3.5 SUMMARY 8

4 ENVIRONMENTAL COSTS AND BENEFITS 9

4.1 PRESSURE GROUPS 9

5 ENVIRONMENTAL LEGISLATION 10

5.1 ENVIRONMENTAL PROTECTION ACT 1990 10

5.2 PLANNING ACT 10

MEETING 11

5.3 NOTES 11

5.4 NOTES AFTER MEETING 12

5.4.1 COUNCIL 12

5.4.2 RESIDENTS 12

5.4.3 BUSINESSES 12

5.4.4 NWCS 12

5.4.5 CHANGES 12

6 ARTICLE 13

7 PUBLIC MEETING 15

7.1 COUNCIL'S VIEWS 15

7.2 RESIDENT'S VIEWS 15

7.3 BUSINESSES VIEWS 15

7.4 NWCS VIEWS 15

7.5 FUTURE CHANGES 15

7.6 IMPACT 16

8 ENVIRONMENTAL IMPROVEMENTS 16

9 RECOMMENDATIONS 17

9.1 ECONOMIC GROWTH 17

9.2 SOCIAL INVESTMENT 17

9.3 EMPLOYMENT 17

9.4 HOUSING QUALITY 17

9.5 TRANSPORT 17

9.6 WATER QUALITY 18

9.7 LAND USE 18

9.8 SUITABILITY 18

0 SOURCES OF INFORMATION 19

0.1 SOURCE 1 20

0.2 SOURCE 2 20

0.3 SOURCE 3 20

Report Social Costs & Benefits - Paddington Basin

To:

From: Samir Mobasher

3 INTRODUCTION

The Paddington Basin development is to take this area to new heights and to make this 'the place to be'. The Paddington Basin regeneration will last for 15 years. In this time, various stakeholders will be affected in some way. This is why research has been conducted on each stakeholder and how he or she feels about the project.

The developers' main interest apart from making a profit is to create a new area for Paddington, to regenerate it. They will try to make the area look more attractive as well as prestigious.

The council's main interest in this project was to make sure there was not too much noise and pollution and if so, how they would deal with this, for example extra cleaners on the streets.

Many of the local businesses were not bothered by the project; their main interest was only that the noise and pollution might deter customers. They were also pleased about the extra trade that is coming in thanks to the builders and other construction workers.

The local residents' main interest was in the price of the land and how the cost of living is likely to rise in terms of rent. They were not too pleased about the noise and pollution either.

The school's main interest is in whether they are still going to be around to view the finished article. The developers are not sure if the school fits in with their developing plans. As the school building is old and slightly run-down.

This report will be looking at how this regeneration of the Paddington Basin affects the area and the people within. Social costs and benefits for all stakeholders will be analysed as well as weighing up a list of recommendations in terms of quality indicators and whether this will be a benefit to the society.

4

PRESENTATION

4.1 Notes

The development is about the reconstruction of an area that wants to move into a new era.

The society will gain from this development in a number of ways:

* Provide an attractive area for residents and visitors;

* Promote growth and prosperity in the local economy;

* Provide more accommodation.

The arrival of new businesses, a railway station and a clean river will clearly make the area more attractive. This will benefit the local residents as well as the people working in these new applications.

The numerous businesses that are being built will also reduce the local unemployment rate as well increase consumer spending.

There are new houses that are being built for anyone who can afford them.

4.2 Notes after Meeting

4.2.1 LOCAL COUNCIL

4.2.1.1 Benefits

* More attractive area

* More prestigious area

* Water levels will rise

4.2.1.2 Costs

* Pollution

* Noise

* Deterring public away from area

4.2.2 LOCAL BUSINESSES

4.2.2.1 Benefits

* More trade in long and short run

* Economy to grow

* Public have more money to spend

4.2.2.2 Costs

* Noise

* Pollution

* Rent set to increase

4.2.3 RESIDENTS

4.2.3.1 Benefits

* Unemployment rate set to decrease

* New houses in area

* New railway station

4.2.3.2 Costs

* Noise

* Pollution: dirt

* Inflation levels

* Possible rent increases

4.2.4 NWC SCHOOL

4.2.4.1 Benefits

* Compensation

* Better surrounding for kids to study in

4.2.4.2 Costs

* Noise

* Pollution

* Possible demolition of school

5

STAKEHOLDERS

Stakeholders are people concerned with a particular project; they range from employees to consumers. Although they have, no direct authority over an organisation Professor Handy believes that an organisation's best long-term interests are served by paying close attention to the stakeholders. The main stakeholders for the Paddington Basin Development start at 2.1. Social costs and benefits measures the costs and benefits to the whole society of a production process or business decision. A social cost to the society may be the pollution coming from the development. The social benefit might be the number of jobs this development will provide.

5.1 Local Council

5.1.1 SOCIAL BENEFITS

The council are representing Westminster. The benefit of this project to Westminster is that the area will become more attractive and will encourage more people to come and live here as well attracting tourists. This will in-turn bring more prestige to the area. The quality of the water will also be better as a new river is being built. Due to the numerous benefits to the area, the council tax is expected to rise.

5.1.2 SOCIAL COSTS

The main disadvantage to Westminster is the pollution and noise this will cause. For the time being, this may repel tourists and customers. They will also have to deal with numerous complaints from local residents about the development.

5.2 Local Businesses

5.2.1 SOCIAL BENEFITS

This will benefit businesses in the short run and long run such as the local pub, café and corner shops. Now they are still attracting customers, from workers who are in the area as well as the construction workers so their trade has actually increased in that sense. In the end, the area will look more attractive and more people will be visiting the area thus there will be more business for the local businesses. In terms of quality of life indicators, which are 13 indicators that the government has introduced to see environmental, social and economic data. The economy is certain to grow, this will mean more people will be in work thus giving them more money to spend, which equals higher profit margins for the local businesses.

5.2.2 SOCIAL COSTS

The noise and pollution however may reduce their trading, as people will not want to dine in a noisy area. People with health problems may also find the area a threat. The rent of properties will increase by a large amount after the development is finished.
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5.3 Local Residents

5.3.1 SOCIAL BENEFITS

There are mixed views between the locals as some think this will benefit the society and some are opposed. Residents are looking forward to the prospect of work as well as a new-look area, which includes a new river. One important quality of life indicator that will be filled by this regeneration is the level of unemployment. This is set to decrease by a large amount as many new businesses are going to be set up. If people in the local area are financially secure, they may wish to move ...

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