What the Chancellor should do for LondonMarch 10, 2014
Ahead of next week’s 2014 Budget (19th March), London First has written to the Chancellor to set out the priorities of London’s leading businesses.
Rather than provide a long list of requests, we focused on three main issues. We have called on the Chancellor to:
• Give London the fiscal tools to manage growth, by which we mean devolving certain property taxes to the Greater London Authority;
• Provide funding for London’s transport infrastructure, to match the Mayor’s commitment to extend the Overground to Barking Riverside, stimulating regeneration; to commission work this year to upgrade the rail link to Stansted, to help extend our air links in the short term ahead of new runways; and to develop Crossrail 2, a vital project for London; and
• Continue the move towards stable and competitive tax rates, including return to a top rate of 40% for income tax and fixing the rate of the Bank Levy.