Friday 3 January 2025

The London Chamber of Commerce and Industry (LCCI) has submitted a response to the Mayor of London’s proposed Revenue Budget and Draft Capital Spending Plan for 2025-26, urging the Mayor to ensure London’s economy remains robust and strong. 

LCCI champions the interests of over 8,000 London businesses and is acutely aware of the key policies needed to support the capital’s business community to thrive. LCCI supports the Major’s objectives to create a ‘fairer, safer and greener London’ and therefore hopes the suggestions made in the submission, which incorporate the insights of LCCI’s diverse membership base, are taken into consideration.

In its response, LCCI sets out six areas of focus: 

1.    Public transport

London’s status as the world’s pre-eminent global city for business is heavily reliant on the ability of the capital’s transport network to operate at an elite level – this means a reliable, high-functioning transport network. LCCI has consistently called for a long-term capital funding settlement for Transport for London (TfL) and while we recognise the decision lies with central Government, LCCI believes that the Mayor must continue to make the case for a deal that supports critical upgrades and extension to the network. 

2.    Net zero and skills

In order to achieve the Greater London Authority’s goal of London being net zero by 2030, LCCI wants to see increased investment in green skills to ensure the Capital’s workforce is well-equipped to undertake critical jobs such as retrofitting. 

3.    Affordable housing

Affordable housing is key to supporting Londoners to work in the capital - without access to housing, London’s economy will falter as more individuals are forced to move out of the capital. Therefore it is essential that the GLA seeks to increase the provision of housing across the capital, working with businesses to identify suitable sites for development whilst also balancing this with the need for industrial land. 

4.    EDI and procurement 

LCCI welcomes the commitments from the Mayor of London to ensure the number of women-owned and ethnic minority-owned businesses that win procurement work are measured. LCCI works tirelessly with its Asian Business Association (ABA), Black Business Association (BBA) and Women in Business Groups to address the barriers “diverse led” businesses face, and the Chamber has proposed an enhanced partnership with the GLA to improve understanding of these barriers in order to drive equal opportunities.  

5.    Police funding 

The rise in business crime across London is having a direct negative impact on London’s economic growth. The Mayor’s proposed Revenue Budget and Draft Capital Spending Plan omits any mention of business crime, therefore LCCI would like to see a revision of the budget to include plans to address business crime across the capital.

6.    Marketing and FDI 

London is a global city, and the Mayor must ensure it maintains its competitive edge with rival European and global cities. Currently, London’s promotion to the rest of the world is made through disparate efforts of various public agencies, therefore LCCI would like to see closer co-operation between the GLA and London and Partners to further market London to foreign investors and tourists. 

LCCI’s suggestions mirror the key asks proposed in its Programme for Government, which was published in October 2024. 

Read LCCI’s full response to the consultation.

ENDS

For media inquiries, please contact:     

LCCI Press Office

E: press@londonchamber.co.uk
T: +44 (0)20 7203 1897
M: +44 (0) 7767 110632