BusinessLDN has today set out its manifesto for the next Government, which outlines a bold package of recommendations including ‘quick wins’ to boost growth almost immediately together with longer-term measures to galvanise the economy.
With less than a month to go until the July 4th general election, London’s leading campaign group is calling on the next Government to work with the capital to leverage the private investment needed deliver a step change in the UK’s economic performance.
Among the ‘quick wins’ and regulatory reforms that the next Government should deliver at no or low cost are:
- scrapping stamp duty on share transactions to improve the attractiveness of the UK as a place to list and invest;
- urgently reviewing London’s green belt to boost sustainable high-quality development;
- reforming the Apprenticeship Levy to increase take up;
- backing the sustainable expansion of London’s airports and support expansion plans at key international rail hubs such as St Pancras to ensure the capital maintains its position as a global hub; and
- putting London on a similar footing to the other ‘trailblazer’ regional devolution deals already in place with longer-term block funding.
BusinessLDN CEO John Dickie said: “As an engine of growth for the whole UK, London has a critical role to play in improving our economic fortunes.
“The next Government should work in close partnership with the capital and the private sector to deliver the jobs, growth and investment that the UK needs.
“Although the public finances are heavily constrained, there are a number of measures that the Government can take to boost the economy quickly at no or low cost. Implementing these reforms – together with longer-term growth measures – is vital to get our economy firing on all cylinders.”
The manifesto includes a wide range of other asks from the capital’s business community on the next Government, including:
‘Quick wins’ and regulatory reforms at no or low cost
- setting out a credible roadmap on tax to encourage investors and provide the certainty needed for long-term decision making.
- scrapping the proposed Infrastructure Levy to provide certainty and increase development investment.
- undertaking a review of the decision to end tax-free shopping for international visitors on goods.
- providing greater certainty, including over future social rent increases, and give longer-term funding commitments for future affordable housing programmes.
- championing the UK’s world leading university sector as one of the country’s leading export industries and, in particular, the role of international students given the important economic and softer power benefits they bring.
- backing efforts by BusinessLDN and its members to establish a business-led UK carbon offset fund for the UK, while supporting localised schemes that boost environmental and social improvements across the country and accelerating the transition to net zero.
Make better use of existing funding
- providing greater flexibility over how public funding for affordable housing can be spent to maintain a construction pipeline of affordable housing amid very difficult market conditions.
- consolidating various government ring-fenced pots – totalling more than £650 million in London – to streamline complex and expensive bidding processes, while also delivering better returns on spending across the UK.
- delivering greater autonomy and flexibility to regional economies through policy and fiscal devolution, in line with the recommendations of the London Finance Commission.
Deliver targeted public investment to unlock a multiplier of private sector investment
- committing to a multi-year capital funding deal for TfL – similar to those already reached with Network Rail, National Highways and eight city regions across the UK – to enable London to plan for the future with certainty.
- closing the gap between the level of government grant provided and the amount that is required to deliver the number of affordable homes London needs, when the public finances permit.
- allowing full expensing of build costs on brownfield housing delivery.
- working with the private sector to improve the availability, affordability and quality of childcare.
- establishing a price support mechanism to accelerate the adoption of Sustainable Aviation Fuels to support jobs and green growth in the UK.