City of London Corporation response to the Budget

Commenting on the Chancellor’s Budget statement, the City of London Corporation’s Policy Chairman Catherine McGuinness said:

“The Chancellor did the best he could do in difficult circumstances when setting the last Budget before the UK leaves the European Union.

“Charting a course for the UK’s public finances at this time is an almost impossible job. As the Chancellor has acknowledged, a ‘different strategy’ would be required to steer the economy through choppy waters if a Brexit withdrawal agreement cannot be agreed.

“A no-deal Brexit would be bad for taxpayers, business and the economy. It is in the interests of the UK and EU to secure a deal that maintains strong trade links. Getting this right could deliver a Brexit dividend for households and businesses on both sides of the Channel.”

Business rates cut

“The Chancellor’s decision to cut business rates by a third for small businesses for two years is welcome.

“Small businesses are the backbone of the economy, with SMEs accounting for 99% of firms in the City. Enabling them to succeed should be a priority.”