LCCI comment on the Chancellor’s Mansion House Speech

Wednesday 15 July 2026

The London Chamber of Commerce and Industry (LCCI) welcomes measures to improve access to finance for businesses, encourage innovation and strengthen the UK's position as a global financial centre - positive steps which recognise the vital role London's business community and economy plays in driving growth in every postcode.

The Chancellor was right to emphasise the importance of economic stability. As the country prepares for a new government, maintaining business confidence is critical. LCCI's latest data shows that almost half (49%) of London businesses believe the Government's current approach to the economy will worsen UK economic growth. The next government must provide early certainty businesses need to plan for the future.

Our members are encouraged by the Chancellor's focus on expanding access to finance for SMEs through enhanced lending and export support. Many small and medium-sized businesses have ambitious plans to invest, innovate, export and grow, but continue to face significant barriers to securing finance. As the backbone of London's economy, SMEs also need a business environment which gives them the conditions to thrive.

The next government must avoid further increases to the cost of doing business, giving firms the confidence that they will not face additional tax or regulatory burdens, and delivering meaningful business rates reform rather than further delay. Sustainable growth cannot be achieved if rising costs continue to undermine businesses' ability to operate.

The Chancellor also highlighted the importance of stronger international partnerships, particularly with the European Union. London's internationally connected economy needs a pragmatic new relationship that reduces barriers to trade, improves labour mobility and makes it easier for businesses to operate across borders.

Looking ahead, the priority for the next government must be turning ambition into action, using the policy levers at its disposal to get London growing. A thriving capital is fundamental to the success of the UK economy, generating investment, jobs and prosperity across the country. It is essential the new government recognises this from day one.