Earlier this week, BusinessLDN brought together senior business leaders, investors and policymakers for a pre-Budget dinner, in partnership with Prologis. Jason Longhurst, UK Head of Sustainable Investment & Partnerships at Prologis UK, opened the evening by sharing the company’s perspective on the conditions needed to encourage investment and support growth across London and the UK. Chaired by John Dickie, our Chief Executive, the dinner featured remarks from Howard Dawber, Deputy Mayor for Business, and explored what the Chancellor’s first Budget on 28 October could mean for London’s economy, competitiveness and ability to attract investment.
Much of the conversation centred on certainty. In an increasingly volatile global environment, those around the table argued that investors and businesses are looking for a clear and consistent policy framework. While major announcements often dominate coverage of Budgets, there was a sense that stability can be just as important when organisations are deciding where to commit capital and pursue expansion plans.
The discussion also considered London’s unique role within the national economy, highlighting how policies that may seem sensible at first glance can have unintended consequences in the capital, where housing costs, labour market dynamics and commercial conditions often differ significantly from those elsewhere in the country. Guests welcomed programmes aimed at supporting homeownership and prosperity in principle, but stressed the need for national policy to reflect London’s particular circumstances to deliver the intended outcomes.
Guests also examined the evolving relationship between central government and City Hall. Howard Dawber noted that London’s concerns appear to be receiving greater consideration within government and suggested there had been a noticeable improvement in the tone of relations with the capital. He pointed to Greater Manchester Mayor Andy Burnham’s experience of local government and support for mayoral devolution as reasons for cautious optimism about the direction of travel.
Devolution featured prominently throughout. Those around the table agreed that closer working between national and local leaders must be accompanied by greater freedoms if they are to deliver effectively for their communities. While those around the table welcomed signs of a more constructive approach, there was broad agreement that meaningful reform must follow. BusinessLDN has long argued that devolving more powers and resources to places with proven delivery records would help unlock investment, accelerate infrastructure delivery and support economic growth. The case was also made for greater fiscal devolution, particularly if London is to secure the funding needed for major transport and housing projects.
The evening also served as a reminder that London’s position as a leading global city cannot be taken for granted. The capital continues to be a magnet for talent, entrepreneurship and international finance, but competition from other urban centres is becoming increasingly intense. Maintaining the UK’s appeal to global investors will require a policy framework that rewards ambition, supports expansion and provides confidence for organisations planning for the future.
Taken together, the evening’s exchanges highlighted both the opportunities and challenges facing the Chancellor. Businesses want stability, but they also want progress: on housing, infrastructure, skills and devolution. As ministers finalise the Budget, those present agreed that creating the right environment for private-sector investment will be essential not only for London’s future success, but for the strength of the UK economy as a whole.
With thanks to Jason for hosting and supporting the dinner, to Howard Dawber for sharing his insights and to everyone who contributed to a thoughtful and engaging discussion.
Jason Longhurst, UK Head of Sustainable Investment & Partnerships at Prologis, said: “Prologis wants to see the Budget set a clear direction for sustainable growth in the UK, giving businesses the confidence to invest and helping attract long-term investment. A stable, growth-focused policy agenda can help turn that ambition into opportunities for communities and enterprise across the country.”
With thanks to Prologis for sponsoring The Budget: The Future of Growth in London dinner.
About Prologis
We build the intelligent infrastructure that powers global commerce, seamlessly connecting the physical and digital worlds. With unmatched scale, innovation and expertise, we build what comes next, empowering our customers, communities and the industries that keep the world moving.