Tuesday 25 November 2014

Chancellor should unlock London's potential to deliver more for Britain

The Chancellor must incentivise house building; invest in transport; and devolve more power to London, the capital's biggest representative body for business has said today.

London Chamber of Commerce and Industry (LCCI) today revealed its three key asks of Chancellor Osborne ahead of next week's Autumn Statement, which includes recommendations on how to grow the London economy and help businesses to flourish.

LCCI asks the Chancellor to:

• Incentivise more house-building to give businesses ready access to the pool of workers they need, by facilitating release of brownfield/unused government department or local council land
• Invest in transport infrastructure to stimulate new housing development through unlocking unused land potential by enabling new stations, stops or platforms
• Devolve more power to drive sub-regional growth through facilitating cross-borough economic co-operation with combined local authorities collaborating on skills and macro planning matters

Commenting on the London Chamber of Commerce and Industry's submission to the Chancellor ahead of his Autumn Statement, Chief Executive Colin Stanbridge said: "London businesses need the Chancellor to give them the tools to grow, expand and continue to generate revenue for UK economy.

"We desperately need more homes. Lack of affordable housing close to growing centres of employment presents a major challenge for businesses in recruiting and retaining the dynamic pool of workers they need. Although land availability is cited as the top barrier to house building in London, land is available. There is no shortage of brownfield, or surplus land, held by government departments or local authorities that could be released for house building.

"London also needs targeted investment in transport infrastructure - to boost house building and to enable workers to access the jobs available in the centre of our city.

"Finally, we implore the Chancellor to release his grip on London's taxes and devolve more power to London. We believe that new combined authorities in the capital could lead to better economic co-operation and growth being driven locally. We urge the Chancellor to examine how the structure of London governance could be utilised to further stimulate growth."

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.