17
November
2022
|
14:53
Europe/Amsterdam

City of London Corporation’s response to the Autumn Statement

In response to the Autumn Statement, Policy Chairman at the City of London Corporation, Chris Hayward, said:

“The Chancellor faced a tough challenge today to balance the books at a time of high inflation and stalling growth. It is important that the Government delivers its agenda in a way that maintains financial stability and the credibility of the UK’s long-term finances.

“It is also crucial to our long-term economic health, that the UK encourages growth and investment. The UK financial and professional services sector employs 2.3 million people – two thirds of which are outside of London - and has a vital role to play in powering the UK economy at a challenging time globally.”

Solvency II

“We welcome the Chancellor’s commitment to ensuring the UK is the most innovative and competitive financial centre in the world.

“It is important that our regulatory system supports economic growth and competitiveness across the UK. This reform will unlock significant sums of investment from insurance companies into infrastructure projects as well as supporting the development of green technologies across the UK subsequently creating new jobs, supporting households and businesses.”

Living Wage

“The rise in the living wage will help to provide security for families during the cost-of-living crisis. Having a Living Wage is not only vital for workers and families, but it also brings benefits to businesses and the wider economy. As an accredited Living Wage employer, we welcome the increase outlined by the Chancellor today.”

Tax

“The action taken by the Chancellor to tackle the immediate challenge facing our public finances is understandable. But alongside tax increases and spending cuts, we must also send a clear signal that the UK is open for business.

“It is vital that our tax system remains internationally competitive. The UK financial and professional services sector plays a major role in supporting the UK economy by creating jobs, driving growth, encouraging investment, and facilitating trade.

“Banks in the UK pay a higher overall tax rate than any other sector due to the corporation tax surcharge and bank levy. We hope the Government will commit to delivering a competitive tax system once we get through the current economic challenges.”

Infrastructure

“It was positive to hear the commitment to boosting infrastructure and connectivity across the whole of the UK. The financial and professional services sector will play a vital role in mobilising the capital needed to deliver these projects.”

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