LCCI comment on the appointment of the new Prime Minister and Chancellor of the Exchequer

Monday 20 July 2026

Responding to the appointment of Andy Burnham as Prime Minister and John Healey as Chancellor of the Exchequer, Karim Fatehi OBE, Chief Executive of the London Chamber of Commerce and Industry (LCCI), said:

“We welcome Andy Burnham and John Healey to their roles as Prime Minister and Chancellor of the Exchequer, and acknowledge the Prime Minister’s commitment in his first speech to address the challenges facing Britain. They are inheriting an economy where business confidence is fragile, costs remain stubbornly high, and businesses are delaying investment and recruitment because they lack stability and certainty about the future.

The new Prime Minister and Chancellor must act quickly to build trust and confidence with London's business community. Businesses, including the capital's SMEs, cannot absorb any more tax rises, employment costs or regulatory burdens.

Growth in every postcode cannot be achieved without growth in London. The capital delivers more than a fifth of the UK’s economic output, generating billions in tax revenues that support public services in every nation and region. London must play a central role in the Prime Minister's plans for national growth.

LCCI looks forward to working constructively with the new administration, and support the development of the Prime Minister's 10-year plan for Britain. This must deliver meaningful business rates reform, investing in AI, skills and infrastructure, improving access to finance, reducing barriers to trade and providing the long-term certainty that firms need to plan, invest and grow.

The new government has a real opportunity to establish a positive relationship with business from day one, and work together to get London growing.”