LCCI respond to the Spending Review

Wednesday 25 November 2020

London Chamber of Commerce and Industry has responded to the Spending Review,  announced today by the Chancellor.

Richard Burge, Chief Executive of London Chamber of Commerce and Industry, said: “Enhancing testing and tracing systems is vital to the health and economic health of the nation.  I hope the funds announced in the Spending Review lead to a workable system that allows the safe unlocking of the economy until vaccines are ready for roll-out.  The right system will also become part of our sustained national infrastructure for the next pandemic.

“Given the detrimental employment impact of Covid-19 it is right to see focus on creating a new programme to help people who’ve become unemployed to get back into the workplace.

"With the most job losses of any region due to Covid-19, this is particularly important to London.  Improving the apprenticeship system can also play an important role for the many young people who will find the labour market even more competitive.

“The commitment shown to completing Crossrail is welcome, and it’s vital that the Government also continue to support Transport for London until passenger levels are able to safely return.  The end of Crossrail 2 development is perhaps not surprising, but none the less consideration will need to be given to alternative solutions to the growth and movement the line aimed to support.

“We will be studying the Spending Review documentation and the National Infrastructure Strategy carefully.  It’s pleasing to see mention that levelling up the rest of the UK does not mean levelling down London.  But in practice this means continuing to invest in London, as the goose that lays the golden egg. The nation’s economy relies upon London’s global position.  As such we will continue making the case for the capital to receive infrastructure, green recovery and digital connectivity funds, and will also continue to make the case for targeted support for central London recovery.

“Finally, with little over a month to go, it was both surprising and concerning that the Chancellor made no mention of the potential impacts of EU Exit.  It’s vital that the Government are alert to the potential need to support impacted businesses.”