City of London Corporation Policy Chairman Chris Hayward is encouraging the Chancellor to back financial services as the UK’s growth engine ahead of the Budget.
The City Corporation runs London’s Square Mile, which generates an annual economic output of more than £110 billion according to the latest figures.
In the last two weeks alone, the City Corporation has proven itself as the partner of choice for Government on financial services policy. The Office for Investment:
Financial Services – a partnership between HM Treasury, financial regulators and the City of London Corporation to make the UK the best place in the world to invest and do business – is now fully operational.
Just last week Chancellor Rachel Reeves announced plans to build on the Mansion House Accord at the Regional Investment Summit, mobilising billions of pounds into projects that can boost UK productivity, the route to sustainably increasing people’s living standards.
Recent research highlights a £115 billion investment gap in the UK, which the City Corporation’s budget submission is designed to address.
Chris Hayward, Policy Chairman at the City of London Corporation, said, “The financial services sector is the engine of the UK economy; it must be supercharged – we cannot afford to let it stall. Given the £115 billion investment gap, this Budget must be the moment to inject creativity; capital and confidence needed to drive growth. Sending the right signals to wealth creators is essential for boosting tax receipts that pay for sustainable public services.
“The City Corporation plays a leading role in building the architecture for investment – from the new Office for Investment: Financial Services to delivering the Mansion House Accord. The next step is for Government to help identify a credible pipeline of investible projects to unlock jobs and prosperity across all regions and nations of the UK.”
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