LCCI comment on the Chancellor's Mansion House speech

Friday 15 November 2024

We welcome the Chancellor's ambition to boost investment in the UK economy, set out in yesterday's Mansion House speech. With London businesses contending with increased costs following the Budget, securing investment will be essential to fostering long term sustainable growth.

The Government's decision to establish pension mega funds is bold and innovative. We look forward to seeing further details from the Treasury on its implementation, which has the potential to catalyse significant infrastructure investment, particularly in London's local areas.

The Chancellor rightly highlighted the challenges faced by our financial sector - an essential pillar of London and the UK's economy - due to over regulation which stifles innovation and risk taking. We welcome the plans for the Government to outline its financial services strategy next year, and hope it will address these issues effectively. We will continue to engage with policy makers on behalf of our members to ensure that the voice of London businesses is heard.

We are excited by the plans for PISCES which will allow investors to trade shares in private companies marks an exciting step forward for London as a global start-up hub. The Treasury must now ensure it works with businesses to ensure mid-market start-ups remain incentivised to stay in the UK.

It remains essential that we see strong support from the Government and Treasury for the financial and professional services sector, which contributes £285 billion to the economy. Key priorities for the Government must include improving access to skilled talent through immigration and apprenticeship policy reforms as well as urgently reinstating VAT-free shopping to bolster London's global competitiveness.

ENDS