London,
25
November
2015
|
16:26
Europe/Amsterdam

City of London response to Autumn Statement / Spending Review 2015

Responses from the Lord Mayor and Policy Chairman of the City of London Corporation to the 2015 Autumn Statement / Spending Review

HOUSING

Chairman of Policy & Resources Mark Boleat said:

“A lack of affordable housing is one of the biggest threats to London’s global competitiveness. We cannot afford for the innovators and entrepreneurs who might build the next Google or Facebook or Apple to be discouraged from doing so in London simply because of the price of putting a roof over their heads. That is why we urgently need to increase the housing supply – no other measure will do very much to help if we do not tackle the supply constraints.

“The announcement of 400,000 new homes and further reforms to the planning system is very welcome, but government cannot act alone. Local government, public agencies and the private sector also have a significant role to play.”

DEVOLUTION

Chairman of Policy & Resources Mark Boleat said:

“Devolving skills and transport to local authorities is a welcome boost for the regions, and we welcome the creation of the Northern Powerhouse. London has seen first-hand the benefits of local control over infrastructure projects and transport, and other cities deserve these opportunities too. London presently keeps only 7% of the tax revenue its raises, compared to 50% for New York. Greater devolution will allow cities, including London, to put their money where their need is greatest, and to ensure that they are maintaining their edge in the global race.”

LONDON INFRASTRUCTURE

Lord Mayor Jeffrey Mountevans said:

“The announcement of £11 billion in extra funding for London’s transport infrastructure is a much needed investment which will safeguard the future of the capital. With our population recently reaching 8.6 million people and an expected 145,000 jobs in London being created by 2025, we have to be able to accommodate this rapid growth. The commitments to Crossrail, along with plans for Crossrail 2 and new Underground trains and buses are all positive steps which will help improve London’s competitiveness.”

NORTHERN POWERHOUSE

Lord Mayor Jeffrey Mountevans said:

“The Government’s commitment to the Northern Powerhouse is good news for the City. With two-thirds of the jobs in the financial and professional services sector found outside of London, rebalancing the economy does not come at the expense of London. On the contrary a stronger economy outside of London is beneficial for the capital. Furthermore, the announcement of 26 additional Enterprise Zones is also a welcome measure which will help boost regional growth and create the jobs up and down the country that we all want to see.”