Short-term stability is not good enough for London

Monday 17 October 2022

Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said:

“We have been calling for stability in government for several months, so it is good to hear that the Chancellor is prioritising stabilising our economy.

However, stability does not prove competence. We accept that some of the U-turns in this announcement will help businesses; others are largely unhelpful.

The removal of VAT free shopping for tourists is unnecessary and disappointing for London’s businesses. The economic cost of the scheme would be miniscule compared to the overall economic gain of increased numbers of tourists spending more in the UK and especially our capital.

While we welcome the Chancellor’s promise to conduct a review of the energy price guarantee and his commitment to helping businesses in vulnerable industries post April 2023, the current scheme – 6 months - is simply not long enough for businesses to feel stable enough to invest, grow and plan for the future.

Businesses recognise that stability must underpin all economic policy – it is good to see this has finally dawned on the government.

That being said, none of us are happy because we shouldn’t have been here in the first place.”

ENDS