City of London response to new UK Government formed

Lord Mayor Alan Yarrow and Policy Chairman Mark Boleat commenting after the confirmation of a new UK Government being formed on 8 May 2015.

Lord Mayor of the City of London, Alan Yarrow, said:

“The City looks forward to working with the new Government after the UK’s voters spoke yesterday. What we want to see is an agenda which makes sure the financial and professional services sector remains as internationally competitive as ever.

“As a major engine for growth and a huge employer across the whole country – not just London – we need policies that work to our strengths and support the entire UK economy. If we want to see a dynamic, sustainable and growing economy, we need all sectors firing on all cylinders: the financial and professional services industry is critically important to this.

“A more internationally sensitive and smarter approach to regulation, policies which bring stability to businesses, a quick decision on airport capacity, power generation and a strategic approach to boosting trade and investment are among the many things the City would like to see. The Government will also need to act quickly to win the argument on our future in a reformed EU.”

Policy Chairman, Mark Boleat, said:

“What the Square Mile’s firms wanted to see was a Government that brings stability and certainty to the world of business. The City stands ready to support the new Government.

“At the top of the in-tray in the coming weeks and months will be the issue of the UK’s position in Europe. The business view is clear – Britain needs to be in the EU. The higher the perceived chance of Britain leaving the EU, the more damage there will be to investment in Britain. Reform would be good but we must work hard to articulate what that reform should look like.

“There also remain a number of other issues we want to see tackled; equipping our workforce of tomorrow with the right skills; an immigration policy which means the UK is able to attract the brightest and best; a pragmatic approach to regulation; a renewed focus on infrastructure projects; and radical solutions that address the housing crisis across the country, but especially London.

“Finally, the changing political landscape in Scotland, again raises the issue of Scotland separating, The new Government will need to work hard to make its voice heard on why the UK is stronger and more prosperous when united.”