Wednesday 02 December 2015

Shadow Chancellor John McDonnell MP, addresses LCCI members on Labour's plans for business and the economy

Following a speech to London Chamber of Commerce and Industry (LCCI) members by the Chancellor, George Osborne MP, in November, this morning it was the turn of the Shadow Chancellor John McDonnell MP, to address members on Labour's plans for business and the economy.

Mr McDonnell spoke on the need to support the digital economy by improving broadband speeds. The Shadow Chancellor supported LCCI's calls for the creation of a London business panel, focused on raising awareness of the benefits of online trading to sole traders and small businesses.

Mr McDonnell also spoke about the shortage of housing in the capital, calling it "the biggest single constraint on London businesses right now". Identifying London as an "exceptional, world-class city", Mr McDonnell said that the capital requires investment if it is to remain at the "cutting edge" with a "high tech, high wage economy".

The Shadow Chancellor announced plans to recognise "decent businesses" via a "Good Business" kitemark scheme, where those businesses who "pay their taxes transparently and properly" and who pay their employees at least the living wage receive public recognition.

Mr McDonnell answered questions from the audience including on devolution, airport capacity and business profits.

The Shadow Chancellor praised the work of LCCI and we welcomed his commitment that his team will work closely with the Chamber to ensure the voice of London business is heard.

ENDS