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The London Thames Gateway includes some of the most dynamic parts of the capital with the greatest scope for change across five east London boroughs: Newham, Tower Hamlets, Hackney, Barking and Dagenham, and Havering. It also comprises areas of some of the highest levels of deprivation in the UK.

Statistics for Tower Hamlets, for example, show the borough has the largest economy in east London. Yet it has unemployment levels well above the London average, with 34% of working age residents having no qualifications. Filling this gap is essential to ensure local people are able to take advantage of employment opportunities – and to create genuine regeneration.

Our commitment to skills has been boosted by the launch this month of the Skills Academy for Financial Services (above). We worked in partnership with Tower Hamlets College, and have invested more than £1m to help open a specialist academy to provide access to careers in the financial services industry to more than 600 people in east London each year.

The new academy resulted from a partnership approach, with the college and London Thames Gateway Development Corporation working closely with major financial services companies in neighbouring Canary Wharf as well as the Financial Services Skills Council, to develop a specialist facility.

It provides a chance for local people to make the leap into financial services, irrespective of past experience or formal academic attainment. Instead of being selected on past educational achievements, students must simply show a willingness to learn and prove they have the aptitudes employers are looking for.

Key to the success of the academy is its vocational approach to learning. Courses have been informed by companies such as HSBC, Merrill Lynch and Citigroup so that students leaving it are equipped with the skills required by prospective employers.

As well as recognised certified qualifications for training mortgage advisers and independent financial advisers, the academy also addresses the need for basic workplace skills that can be one of the biggest stumbling blocks into employment. Students may have no experience of an office environment, or may be entering into full-time employment for the first time. This training is coupled with mentors to offer practical advice and guidance to students on temporary placements and those starting full- time employment. The academy’s ability to put forward consistently work-ready and skilled candidates means a number of high-profile employers now regularly recruit at entry level through it.

Not only does this help to fill the skills shortage already recognised within the industry, more importantly it is helping to reverse the trend of Canary Wharf jobs by-passing residents living on its borders.

The academy provides a stream of talented young people into the financial services industry – a sector central to the health of the UK economy, but our investment in skills doesn’t end there. We have provided funding to more than 20 schools to empower heads and their teachers to implement bespoke programmes for their schools. Crucially, these are not driven by any national or regional skills or learning frameworks, but by what teachers believe will provide most help for pupils.

For instance, in one school, the head reported a lack of nutrition was seen to affect some pupils’ concentration levels and so we helped to set up a breakfast club to ensure these children ate a healthy breakfast.

By offering specialist, quality educational facilities relevant to opportunities in the local area, we can nurture local talent, and long-term regeneration can be experienced by all.