Wednesday 5 October 2022

Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI) said: “The Prime Minister’s speech at the Conservative Party Conference envisioned the UK as a country of enterprise and growth, but it lacked a critical plan for how we get there.

Growing the “economic pie” is of course important and will improve Britain’s currently fraught reputation in the long term, but if businesses are to be the engine room of this growth, they need to know how they will be supported during the current economic crisis and beyond.

Business confidence is at an all-time low – our recent survey of London businesses showed that 1 in 3 expect their profitability to worsen over the next 12 months – and the government must act immediately to inspire long-term confidence so that businesses can invest for expansion and turn the tide on sluggish productivity growth. The Government’s recently announced measures such as preventing a rise in national insurance payments is a start for business, but we are still unsure how useful removing the cap on banker’s bonuses is to other sectors – like hospitality and construction – that are struggling the most.

LCCI welcomes the promise to cut red tape so long as it aids time-poor small businesses across the UK and provides regulatory clarity into the future. Once businesses have certainty, they can focus on customers, growth and innovation.

Liz Truss was right to say that “Britain is open for business”, and we echo that in London. We hope some of these promises turn into consistent, predictable and clear policies that provide the stability that businesses across the country require and deserve. Only then will we start to see our economy recover from the plunge it has taken in the past few months.”

ENDS