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LCCI react to Rachel Reeves first speech as Chancellor

Monday 8 July 2024

Commenting on Rachel Reeves’ first speech as Chancellor Karim Fatehi MBE, CEO of the London Chamber of Commerce and Industry (LCCI), said:

“We welcome the Chancellor’s commitment to “fix the foundations” of the UK economy and boost growth. As set out in our pre-election manifesto, the capital is facing significant challenges that Westminster must urgently address. Prioritising housing and planning infrastructure for the 9 million people who call London home will be crucial to ensuring sustainable economic growth, financial stability, and maintaining the City’s competitiveness.  

“We were therefore pleased to hear the Chancellor's pledge to reform the national planning policy framework to deliver on infrastructure, as well as the commitment to build 1.5 million new homes in England over the next 5 years.  

“We urge the government to collaborate closely with the business community and look forward to working together to amplify the voices of businesses in our capital. In addition to reforming the national planning policy framework and increasing housing, our members would like to see the Chancellor commit to reintroducing VAT-free shopping for international visitors to boost London's international competitiveness. We also call on the government to reform the business rates system to encourage business growth, address the disadvantages faced by SMEs and reflect the economic changes of recent years.” 

ENDS