Keeping our capital working for the UK

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Reaction to Chancellor George Osborne’s Autumn Statement

Reacting to today’s Autumn Statement, Baroness Jo Valentine, chief executive of London First said:

“We applaud the commitment to extending the Northern Line to Battersea. This will bring economic growth, homes and jobs to a neglected part of London.

“The extended grace period for new developments will boost the speculative development that London needs in anticipation of future growth in demand. It’s a sound and forward-thinking move.

“A property tax would have been particularly damaging for London and the south-east. We now need to see sensible revisions to the Stamp Duty rules from the last Budget so that they tackle tax avoidance but do not penalise legitimate property investment businesses.

“The rise in the bank levy, at a time when many are having to cut investment and jobs, only demonstrates the flawed nature of this tax. Penalising banks for choosing to operate in the UK risks exporting jobs, growth and tax revenues to other, more competitive, financial centres.  Investors looks for stability and credibility in tax policy; the bank levy lacks both.

We welcome the commitment to extend the proposed high speed rail link (HS2) to the north-west and west Yorkshire. To be viable, HS2 must link London with the major northern cities.”

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