Keeping our capital working for the UK

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Queen’s Speech 2008

The Government’s Legislative Programme was unveiled in today’s Queen’s Speech.

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

“Business needs the Government to support economic recovery.  The Bills announced today must balance a response to the current climate with the future needs of London as the driver of the UK economy.”

Banking Regulation:
“The Government must be very careful about how it introduces any new regulation.  There’s a difference between light touch and the right touch.  As we’ve seen over the last year, it’s not necessarily what is introduced, but how.  It is crucial that practitioners are involved in the design of the new measures.  Let today signal the start of this close dialogue with the financial sector.”

Supplementary business rates:
“Building Crossrail is even more important in the downturn, both to maintain activity now and to build capacity for London’s future growth. The Mayor needs new powers to raise a supplementary business rate, applying only to larger premises, part of the business contribution to funding this vital project. I’m pleased to see the necessary Bill included in the legislative programme, though there is certainly an argument for delaying the levy of the supplementary rate during the downturn.”
Notes to Editors

  1. London First is a business membership organisation whose mission is 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
  2. 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 all of London’s higher education institutions as well as further education colleges and NHS hospital trusts. London First members represent a quarter of London’s GDP.

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