Responding to today’s King’s Speech at the State Opening of Parliament, John Dickie, Chief Executive at BusinessLDN, said:
“It’s vital that the Government refocuses on growing the economy rather than political infighting. It’s therefore encouraging to see a new regulating for growth bill at the heart of its legislative agenda. We need to see real urgency in moving plans from the drawing board to delivery. Unlocking London’s full potential is essential given the city is a quarter of the UK economy.”
On the overnight visitor levy
“The decision to empower mayors to introduce visitor levies comes at a moment when the hotel and accommodation sector is facing a perfect storm with soaring costs and huge global uncertainty. Any new tax must reflect these challenges and be spent attracting more overseas visitors. The Government should also separately look again at the case for reintroducing VAT-free shopping for overseas visitors which would more than pay for itself and bolster the UK’s competitiveness.”
On airport expansion
“The Government is rightly backing airport expansion. As an island trading nation, strengthening our global connections is key to boosting investment, employment and overseas visitors. With the right framework, investors stand ready to invest more than £50bn in London’s international transport hubs, including the much-needed second runway at Gatwick and third runway at Heathrow.”
On Northern Powerhouse Rail
“Northern Powerhouse Rail is an essential initiative for economic development across the whole of the UK, and one which will help to drive job creation and growth.”
On investment in social housing
“London is at the sharp end of the UK’s housing crisis. A lack of housing supply is weighing on the city’s productivity and making it harder for businesses to recruit and retain the talent they need. It’s good to see the Government taking further steps to improve the supply of social housing, and it’s vital that the public and private sectors work together to unlock new forms of investment in the sector.”
On the EU and youth mobility
“The Government’s reset with Europe marks an opportunity to boost growth, and it should make agreeing an ambitious Youth Mobility Scheme with the EU a priority for talks. Allowing more young people to live, work and study temporarily on both sides of the Channel would strengthen the economy, help close skills gaps and deliver soft power benefits. We already have youth mobility agreements in place with the likes of Australia and New Zealand – striking a similar deal with our biggest trading partner should be a no-brainer.”
On water
“A resilient water network is essential to London’s future growth and competitiveness so it’s encouraging to see the Government committing to fixing the foundations of the industry. Establishing a regulatory model which encourages inward investment, while reflecting the interconnectivity between our water networks and wider infrastructure sectors, will be fundamental to future success.”