06 March 2013
Cut in Corporation Tax needed to boost business
The Chancellor should send a signal to boost business and implement a bold cut in Corporation Tax in his Budget, the London Chamber of Commerce and Industry (LCCI) has said today.
Cutting the tax would help to encourage companies to both invest and expand in Britain, as well as send a signal that London is open for business.
The LCCI has also urged the Chancellor to unlock the potential of infrastructure projects in London that would help to create jobs and drive growth as well as putting in place infrastructure that will ensure London retains its place as a global city. These projects include Crossrail 2 and extra river crossings in East London.
Colin Stanbridge, Chief Executive of the LCCI said: "Confidence has been returning to London businesses and now is the time for the Chancellor to take bold and positive action to help cement that feeling among businesses. We have been supportive of the Government's agenda so far but now may be the time to consider reprioritising spending to stimulate business investment and growth.
"London's infrastructure needs and demands are quite different from the rest of the country and a failure to both upgrade existing and embark on new projects, puts London's place as a global city at risk. That is why we are asking the Chancellor to unlock the potential in these projects urgently."
The LCCI has also used its Budget submission to raise concerns about the possibility of the Government introducing differential Airport Passenger Duty which the LCCI believes would place a 'surcharge on success' against London airports and badly damage both the connectivity to existing markets as well as emerging global economics."
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NOTES TO EDITOR:
1) The LCCI's full submission to the Chancellor can be found here.
2) The 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.