London’s business leaders have called on the next UK Government to deliver more fiscal devolution and autonomy to the capital’s regional and local governments.
A manifesto published today by the London Chamber of Commerce says City Hall “needs greater powers to accommodate London’s forecasted population growth.”
They want the next government to hand over all property taxes to the Greater London Authority and remove borrowing limits for the Mayor’s agency to ensure they have the funding needed to build new homes and accommodate the city’s growing population.
Today’s manifesto also want Crossrail 2, which 44% of London businesses say is “very important” to the capital, to be included in the National Infrastructure Plan and for future ministers to prioritise Tube upgrades in any post-election spending announcements.
There’s also a calls for foreign students to be exempted from the UK’s net migration target and for the right to work in the UK for two years post-graduation to be restored.
Colin Stanbridge, Chief Executive, London Chamber of Commerce and Industry said: “Although London’s business leaders are confident about the capital’s improving prospects – 47% expected the London economy to improve in the next 12 months according to our latest survey – the next government must not overlook the importance of London as a key contributor to the success of UK PLC and act to address the issues faced by the capital’s businesses.
“London contributed £34billion net to the public purse in the last fiscal year, according to CEBR research.
“To maintain and build on the economic prosperity of the capital, we call on the next government to listen to the intelligence contained in this manifesto and act on the recommendations set out.”