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 has taken practical steps to put economic growth on the forefront of his agenda. A focus on creating a business-friendly environment sends the right signals globally that the UK is a great place to invest.

“Continued pension reform is crucial to ensure better return for savers, which was kickstarted with the signing of the Mansion House Compact. We hope the reforms will help British listings make a come-back. We need to encourage innovative businesses to stay and grow in the UK, a solution to that is significantly increasing pension investment in UK equities. The new Growth Fund will be a vehicle that will help the pension providers to realise their Mansion House Compact commitments by driving investment into high growth businesses and startups.

“Getting growth going will also depend on boosting foreign direct investment so we welcome the recommendations outlined in the Lord Harrington Review. Specifically,  a ‘concierge’ service to attract investment into UK is hugely welcome.

“The permanent extension of the full expensing policy will act as a springboard to help UK companies to invest, as well as making it easier for business visitors to stay and work in London.

“However, these changes are urgently needed to take advantage of these opportunities. The next step must firmly be on delivery.”

 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