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LCCI responds to Chancellor's Spending Review and Autumn Statement

Wednesday 25 November 2015

LCCI responds to Chancellor's Spending Review and Autumn Statement

Commenting on Chancellor George Osborne's Spending Review and Autumn Statement announcement today, Colin Stanbridge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said: "The Chancellor has heeded the call of London business through his pledge to invest in infrastructure.

"While we are pleased to see a commitment to doubling the housing budget, Government must ensure that efforts are focused on prime hotspots of housing demand such as London. Releasing unused public sector and previously developed brownfield sites will help address the chronic undersupply of housing in the capital.

"LCCI has previously called for more to be done to support small house builders and we welcome the extension to the Builders' Finance Fund and changes to planning policy that will support small sites in becoming viable.

"While the announced £11bn commitment for London transport sounds impressive, and we await to see the full details of any 'additional' allocations, it should be noted that the sum London already receives in the transport area is not that far off. Any move that impacts on the core Transport for London funding will be viewed with concern.

"The announcement of a new Transport Development Fund is welcome, however the size of the pot may be questionable as London has many strategic transport projects such as tube extensions, new river crossings in east London and Crossrail 2 that are essential to keep London moving.

"The Government must now commit to a full review of fiscal devolution to the capital if London is to continue to grow. The retention of business rates by local authorities is a welcome first step towards making this happen, but if the capital is to fully plan for its new rail, roads and housing, it must have the power to do this without the continual need to go to the Treasury."

ENDS

Media contact
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: smew@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.