LCCI comment on the Chancellor's speech at Labour Party Conference 2026

Monday 28 September 2026

Today’s speech from the Chancellor at the Labour Party Conference set out an ambition for a new age of industrialisation, with a strong focus on jobs, investment, skills and growth. 

For London’s business community, the emphasis on fiscal discipline, good jobs and investment in the industries of the future is welcome. But ambition must be matched by action.

As we look ahead to the Budget, our message is clear: it must be a Budget for growth. That means cutting the cost of doing business, making London more competitive, unlocking investment and infrastructure, building more homes and giving young people a route into work and home ownership. It also means setting out  pro-growth measures that give businesses the confidence to invest, rather than relying on continuing alone. It does not mean more taxes on business, who are the growth engine and job creators of the UK.

There is a clear opportunity to build on today’s focus on young people and skills. Measures that make it easier and more attractive for businesses to employ and train young people, such as removing employer National Insurance contributions for the hiring of a young person who has been NEET for 12 months or longer, up to the age of 25, can deliver benefits for both employers and communities. We're calling for these changes in our Budget submission.

The focus on AI and the industries of the future is also important. Extending R&D tax relief to AI adoption, removing barriers to investment and improving London’s global competitiveness would help turn ambition into action.

The business community is ready to work with government to deliver a stronger, more productive economy. The Budget now needs to provide the specific growth levers, certainty and investment conditions businesses need to make that ambition a reality.

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