London’s small businesses have welcomed a new report calling on the Government to reflect the needs of London’s entire business community during their Brexit negotiations.
The report, published today by the London Assembly’s Economy Committee, says ministers must strike a deal with the European Union which “acknowledges the interdependence between London’s small and large businesses,” and avoid focussing just on the needs of major firms.
In addition, Assembly Members say the UK’s eventual deal on its future relationship with the EU must avoid a “cliff-edge” in which regulations and rules change suddenly.
Failure to do so, the report warns, risks damaging the capital’s “diverse and vibrant economy” which provides almost one quarter of the UK’s overall economic output.
Sue Terpilowski OBE, London Policy Chair and the Federation of Small Businesses, said the organisation welcomed the report’s acknowledgement that ministers must “take into consideration a ‘whole London economy’ approach.”
She added: “The Government must push for a comprehensive free trade agreement with the EU based on ease and cost, and then support small firms to take advantage of new trade agreements with priority markets around the world.”
Committee chair Fiona Twycross AM said: “It is essential for the UK as a whole that the capital’s economy continues to thrive”.
She also called on Mayor Sadiq Khan to “ensure that the voice of London’s businesses is clearly heard” when he meets with ministers.