City of London Corporation responds to the Autumn Budget
Responding to the Budget, Policy Chair at the City of London Corporation Catherine McGuinness said:
INFRASTRUCTURE / LEVELLING UP
“The commitment to spend an additional £1.7bn from the Levelling Up Fund on infrastructure across the UK, including London, is welcome. Increased connectivity will help create the conditions for businesses across the country to flourish.
“It is important that levelling up does not lead to a levelling down of London. As the Prime Minister recognised earlier this year, the capital faces unique challenges and still has major inequalities. London is the beating heart of the UK economy and its success benefits every corner of the United Kingdom.”
VISAS AND SKILLS
“The introduction of scale-up visas is a positive signal that the UK remains open to the best and brightest talent from across the globe. It’s essential that the UK can attract international workers to unlock the full potential of fintech, green finance and other fast-growing industries. We look forward to greater clarity related to the timeline and eligibility.
“Additional funding to train workers will help to upskill our workforce through apprenticeships, skills bootcamps and new T-level technical qualifications. This will not only prepare people for better paid jobs, it will also contribute to the UK’s competitive advantage.”
“The one year 50% business rates discount will be a financial lifeline for the retail, hospitality and cultural sectors. Many City business in these sectors have been hit hardest by the pandemic. This measure will provide a crucial short-term boost for these business as they help to drive forward our economic recovery.”
CUT IN CORPORATION TAX SURCHARGE ON BANKS
“Banks are committed to paying their fair share to support the wider economy, with the sector contributing £39.6 billion in taxes last year. But it is also important that the UK remains internationally competitive. This cut in the surcharge is a welcome step towards ensuring a level playing field for banks even though the sector will continue to be taxed at a higher rate than other parts of the UK economy.
“Financial services is a key engine of growth for the UK economy and this measure will support the sector in continuing to create jobs and spreading prosperity across the country.”
“The seed funding of the Centre for Finance, Innovation and Technology (CFIT), a key recommendation of the Kalifa Review, is a very positive step. This important initiative will not only benefit the fintech sector, but society and the economy more broadly, by developing answers to key challenges such as open finance. The move will solidify the UK’s position as a global leader in fintech, which could add £24bn to the economy by 2030.”
GLOBAL BRITAIN INVESTMENT FUND
“The additional funding for the Global Britain Investment Fund should help to attract greater overseas investment into the UK. Foreign direct investment is essential for all sectors of the UK economy. The City of London Corporation will continue to promote the UK to investors in both emerging and developed markets.”
Notes to editors
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk