City of London Chamber Chair Prem Goyal was delighted to represent the City of London Chamber at a number of events at the Labour party conference. One event of note was the City of London Dinner, which brought together key figures from government and business to discuss the future of the UK’s economy, with a particular focus on how the City can contribute to national prosperity. 

Policy Chair of City Corporation, Chris Hayward, delivered a compelling speech that highlighted the productive relationship between the City Corporation and the Labour Party. Hayward emphasised the importance of ensuring that the City’s economic strength benefits all parts of the UK. He outlined the City’s Vision, which is centred around three key pillars aimed at driving growth across the country:

1.    Raising investment levels to create jobs;

2.    Establishing the UK as a sustainable finance hub;

3.    Securing growth through digital innovation.

He underscored that the future of Britain relies on ensuring that capital flows to all regions of the country and highlighted the Corporation’s efforts through the Mansion House Compact, a landmark initiative designed to unlock £50 billion by 2030, facilitating investment in high-growth businesses across the UK. The goal is clear: to help these businesses start, scale, and remain in the UK, contributing to long-term economic growth.

The evening also featured remarks from Darren Jones MP, Chief Secretary to the Treasury. Jones addressed the financial challenges faced by the current Labour government, noting that they had inherited a £22 billion deficit. He explained that the government is working to bring public finances back to a stable footing, a process that has required difficult decisions.

Looking ahead to the upcoming budget on Wednesday 30 October, Jones reiterated Labour’s mandate for change, focusing on restoring stability to the economy and politics. He emphasised the importance of unlocking investment from both the private and public sectors, stressing that collaboration between government, business, and financial institutions will be critical to achieving these goals. The upcoming budget, he assured, will reflect the government’s commitment to working together to drive economic recovery and growth.

The discussions at the City of London Dinner underscored the central role that both the City and the government must play in ensuring that the UK remains a global leader in finance, innovation, and sustainable growth. With initiatives like the Mansion House Compact, the future of the UK economy is poised for strong, inclusive growth.