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Positive message needs to be supported by positive action

Commenting on George Osborne’s speech on competitiveness at the Conservative Conference

Baroness Jo Valentine, Chief Executive of London First, said:

“Mr Osborne has helpfully committed to globally competitive rates of corporate taxes, but for London and the UK to continue to attract the investment and talent needed to grow the economy this approach must be applied to all taxes – both corporate and personal. A 50% tax rate is uncompetitive compared to London’s rival cities and indications are that it is not the revenue maximising rate. His positive message must be supported by positive action.”

Notes to Editors

London First is a business membership organisation with a mission to make London the best city in the world in which to do business. London First undertakes this by mobilising the experience, expertise and enthusiasm of the private sector to develop practical solutions to the challenges facing London. London First also seeks to persuade central and London government to make the investments that London needs in its infrastructure

London First delivers its activities with the support of the capital’s major businesses in key sectors such as finance, professional services, property, ICT, creative industries, hospitality and retail. Membership also includes further education colleges and all of London’s universities. London First members represent over a quarter of London’s GDP.

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