Chris Hayward, Policy Chairman of the City of London Corporation said:

"This budget signals serious intent on behalf of government, with measures to support enterprise and investment.

“Against a difficult fiscal backdrop, we understand that the government had to take some tough decisions. It's important that the rise in bank taxation is time-limited – it must end as scheduled. Firms now need a strategic tax roadmap to provide certainty and confidence to business and international investors.

“More broadly, we welcome measures to encourage business investment, including leaving the main rate of Capital Gains Tax untouched; and providing £20 billion for the British Business Bank and National Wealth Fund, which will help to crowd in private capital for important infrastructure projects and UK growth firms, including a new focus on defence, worth up to £5 billion.”

“Accelerating both planning reforms and grid connectivity for data centres will contribute to rising productivity and living standards. The Chancellor could have gone further, by removing stamp duty taxes on UK shares so companies want to invest, grow and list here, reinforcing the City of London as a leading global financial centre.

"The Government must now double down on unlocking growth, with every new policy passing a competitiveness test. Above all, it must ensure our world-leading financial and professional services sector can continue making an outsized contribution to growth in every part of the UK."

On ISA allowance:

"We welcome moves to keep the ISA regime as simple as possible, as an important part of getting people saving and investing. Our engagement with industry has consistently shown that complexity can itself be a barrier to participation, and that changing allowances alone will not create a stronger investment culture. The focus now should be on giving people the information, guidance and confidence they need to make informed investment decisions."

Smarter regulation to help small businesses

“We welcome the Government’s action to cut red tape and adopt the Small Business Taskforce’s recommendations. Reducing the cost of doing business is the right priority, and we want to see the same approach applied to financial regulation that holds back lending and investment.”

Fiscal Devolution

“We will study the detail of the government’s plans for fiscal devolution carefully, working with them and the Mayor and London boroughs to understand what they mean for the City and for London’s ability to drive national growth.”

On innovation 

“We welcome measures that will help address the growth-stage funding gap in the UK and crowd in more pensions capital. Backing our entrepreneurs to scale up here in the UK is essential to creating jobs, driving innovation and ensuring the next generation of successful businesses can fulfil their potential. A cut to stamp duty on shares will further help achieve these aims.”