Wednesday 9 July 2014

Time to give cities the powers to grow

Commenting on the business publication of the Communities and Local Government Committee report on Devolution in England, Colin Stanbridge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said: "Having long campaigned for greater financial freedom for London, today's report represents a welcome indication that Parliament understands the benefits that fiscal devolution will bring to the capital, and England's other cities and regions.

"London is an outlier among global cities in terms of the proportion of its income that is raised and spent locally - just seven per cent compared to 50 per cent in New York. Greater fiscal devolution would provide the economic stability and clout to allow cities and regions in England to deliver the infrastructure, skills and resources for future growth.

"LCCI is pleased the Committee's report supports the recommendations of the London Finance Commission to devolve the full suite of property taxes to London local government.

"Similarly, the flexible and pragmatic approach that the Committee takes towards speeding up the devolution process across the country should be heeded by the Treasury. The sentiment of the report is clear, but it is now time for politicians to deliver on the details."

ENDS

Media contact:
Emma Christie
T: +44 (0)20 7203 1889
E: echristie@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.