City Corporation's reaction to Chancellor's economic statement

Chancellor Rishi Sunak has given a statement in which he outlined proposals from the Government to support the post-pandemic economic recovery.

Reacting to the statement, City of London Corporation Policy Chair Catherine McGuinness said: 

“I welcome the steps taken by the Chancellor to reinvigorate the economy. It’s absolutely urgent that we get the economy moving safely again by encouraging job creation and growth, and these are helpful steps to stimulate that. After the crisis of the pandemic itself, we must now avoid a prolonged crisis of the economy.”

On green recovery:

“Combatting climate change must remain a key priority, and the economic recovery must therefore be a green one.

“The Government’s announcements on green job creation and a new property insulation voucher scheme are welcome news for businesses and homeowners alike.

“The City, through its support of the Green Finance Institute and a major upcoming green finance summit in November, is complementing this work, forging a greener and more sustainable global economy.”

On jobs scheme for 16-24 year olds:

“We welcome the Government’s £2bn commitment towards a job retention and creation scheme for young people.

“As the newest additions to our country’s workforce, it is vital that we do everything we can to support their career development by protecting their employment opportunities and creating new jobs.

“In doing so we are investing in the talent of tomorrow, whose contributions will be so important to our economic recovery in the years to come.”

On VAT cut and restaurant discount:

“These pragmatic measures will lighten the load on businesses in the hospitality and tourism sectors, by cutting VAT and funding temporary discounts in restaurants.

“To support the return of a thriving City, it is vital that we do everything we can to boost local businesses and safely facilitate the return of tourists and visitors here.

“These steps will be an important stimulus as we look to achieve that goal.”

For more information, contact:

Joe Dibben, Media Officer

City of London Corporation


T: 0207 332 1906, M: 07710860886