Wednesday 8th July 2015

LCCI responds to Chancellor's Budget statement

Commenting on George Osborne's budget announcements today, Colin Stanbridge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said: "Today's budget reflected the renewed economic optimism of London businesses.

"Our latest Capital 500 survey found that business confidence is now at near record highs. Job creation is being driven by the capital, with 20 per cent of businesses in London looking to recruit in the last quarter.

"We are pleased to see measures included to help businesses to maintain growth and a sustained economic recovery, particularly reductions in corporation tax over the next Parliament.

"We have always said that proposals for a national, or London, Living Wage should come from a solid evidence base, and wait to examine this evidence as it is made available. It is worth noting that a large proportion of our members already pay their staff above the living wage level.

"It was, however, disappointing to hear the Chancellor so strongly endorse further financial freedoms and decision-making powers for the rest of the UK, but ignore the needs of the capital. The Chancellor is right that investment in roads, transport and infrastructure help to boost the economy, but these are the very areas that London should have the power to plan for itself, without the need to go cap in hand to HMT for funding."

ENDS

Media contact
Jo Hooper, Press & Media Relations Manager
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: jhooper@londonchamber.co.uk

NOTES TO EDITOR:

1. London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
2. Colin Stanbridge is available for further comment and interview.