Responding to the Budget, BusinessLDN’s Chief Executive John Dickie, said:
“This was, as the Chancellor said, a ‘breathing space’ Budget, with some bright spots for London. But the downgraded growth forecast for next year shows that more is needed to get the economy out of first gear.
“The Chancellor’s announcements on fiscal devolution are exactly the kind of reforms we need to boost growth. They offer the medium-term prospect of London being able to fund the major infrastructure projects that London needs to grow, such as the Bakerloo line extension and opening Stratford Station to international traffic. We particularly welcome the Government’s openness to creating a funding scheme to enable the regeneration of Euston ahead of high-speed rail arriving. But we can’t wait for this to kick in towards the end of the decade – we need to keep up the momentum in delivering schemes which have already had government backing, such as the DLR extension to Thamesmead, and ensuring Transport for London has the funding it needs to maintain London’s ageing transport network and keep the city moving.
“Nothing is more important for London’s economy than tackling the housing crisis so the Chancellor was right to set out measures to kickstart demand. The Your First Home scheme needs to have price and incomes caps that take account of the significantly higher cost of housing in London – and that will need some further movement by Government if it is to have a real impact.
“The Government now needs to go further and faster to tackle the regulatory quagmire that slows delivery and adds cost to housebuilding, as well as major projects like the privately funded expansion of Heathrow that matter for the whole country. This will require ministers across the whole of Government to turn the Chancellor’s clear ambition on scrapping red tape into action.
“Delivering growth in every postcode will only be possible if London is given the tools and funding it needs to remain competitive as an economic powerhouse. We look forward to working with ministers to deliver.”