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A plan for jobs and growth: in discussion with the Financial Secretary to the Treasury

David Gauke MP, Financial Secretary to HM Treasury, joined London First members for a drinks reception and discussion on jobs and growth on 22 January, kindly hosted by KPMG at their Canary Warf offices.

Following brief introductions, Baroness Jo Valentine set the scene for attendees by highlighting the importance of connectivity to established and emerging markets for London’s future economic development prospects. London had seen a great deal of success in recent years but more focus and action was still required to ensure its world leading position was maintained.

The Minister echoed Jo’s sentiments about the successes of London as a global city and the economic benefit this brought to the UK as a whole. Equally he acknowledged there was a great deal more to do for London to maintain its leading position and continue to contribute to the wider economic success of the UK.

The Minister went on to outline some of the actions the Government had taken to ensure economic recovery and to ensure the UK is a highly competitive place in which to do business.

James Stamp, KPMG’s Global Head of Aviation, finished the opening remarks by unveiling new analysis from KPMG and Let Britain Fly on global plans for airports expansion and highlighting the importance of the Government taking a quick decision on additional runway capacity following the Davis Commission’s final report later this year.

The analysis revealed the world’s major cities plan to have built over 50 new runways by 2036. By contrast, the UK has no confirmed plans to increase its capacity and could see all of London’s main airports full by 2030

Without expansion, London could lose daily connections with up to twenty international cities that it would otherwise have had. These missed connections could result in less trade, tourism and investment with and from some of the fastest growing regions in the world, impacting on UK jobs and economic growth.

Meanwhile, nations leading the charge for global connectivity include:

  •  China, which will have built 17 new runways to serve its major cities by 2036, with the capacity for 400 million passenger journeys;
  • Dubai, where the World Central Airport project will provide more passenger capacity than all of London’s airports combined;
  • A new six-runway airport in Istanbul which will have almost twice the passenger capacity of Heathrow;
  • Others leading the drive for extra air capacity include Manila, Singapore, Bangkok, Mexico City and Mumbai.

View the full analysis

After the opening remarks the Minister took questions on a range of issues, including a number on airport capacity and the follow up process to Davis, Air Passenger Duty and the importance of international students

Contact: Gavin Hayes, gavin@letbritainfly.com

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