Monday 5 September 2022
The London Chamber congratulates Liz Truss on her successful campaign to become the new Prime Minister of the United Kingdom. We are pleased that throughout her campaign Truss was vocal about the need for London to maintain its competitive edge as a Global City and global financial centre.
However, to realise this ambition Liz Truss’s government must urgently address the cost of living and cost-of-doing business crisis. Businesses are trading in a tough and unsustainable economic climate, and many businesses across the city will be concerned about how they can weather future increases in operating costs.
Our figures show that 1 in 5 businesses expect their profitability to worsen in the coming months, and in turn this will impact their confidence, employment outlook and investment plans.
What London needs is a credible economic plan and tangible support measures that will restore business confidence and enhance productivity in the UK. These include:
- An immediate energy price cap for businesses and a Government Emergency Energy Grant for SMEs
- A long-term, strategic plan for taxation and business rates which includes the reduction of current rates and the separation of tax from premises
- Better support for SMEs, the lifeblood of our economy, to provide them with the same access to markets, supply chains, regulatory support, and finance as larger companies
Our capital city requires a champion right at the top, and LCCI looks forward to working with Liz Truss to maintain London’s vital role as the economic engine room of Global Britain.
Read the full letter here.