Responding to the Chancellor’s Mais Lecture, BusinessLDN CEO John Dickie said: “The Chancellor is right to prioritise regional growth. Unlocking London’s potential is critical given the capital accounts for around a quarter of the UK economy and is a significant net contributor to the public finances. Nothing will do more to drive growth across Britain than the planned “break with the past” to deliver fiscal devolution, which will see local government retain some of the tax revenues that flow from the actions they take locally to drive growth.
“The Chancellor’s determination to tackle dysfunctional regulation that hits growth is also welcome. Our package of growth-boosting measures includes reforms to get more homes built and changes to the tax system to improve Britain’s productivity, including creating a new Office for Tax Competitiveness.
“Her commitment to the UK leading on AI and ensuring the benefits are widely shared will also require regulatory reform, so that investment in the infrastructure needed to power this revolution, including in data centres and broad digital connectivity, can be delivered swiftly and efficiently.
“For too long, negotiations with the European Union have been defined by performative politics rather than economics. The Government is right to restate its ambitions to a deeper partnership with our most important trading partner.”