Responding to the announcement of government plans for greater tax retention and new powers for regional mayors, John Dickie, Chief Executive at BusinessLDN, said:
“The Prime Minister is right to put an end to the begging bowl relationship with the Treasury that has held back regions across the country, including London.
“Giving local leaders a greater share of the proceeds of growth gives them the ability to spend that money to unlock growth in the first place. For example, by investing in transport connections to make new areas more attractive for future development.
“We look forward to working with the Government, City Hall and regional business groups to help shape these reforms and make sure they work for London.
“The devil will be in the detail on the share of tax receipts that are retained locally and how any additional powers will be used in practice.”