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How can the Budget help boost recovery?

How can the Budget help boost recovery?  London First checklist

Monday 20 April 2009

Influential business organisation London First today published its Budget checklist, a series of measures which would support short and long term economic recovery.

Baroness Jo Valentine, London First Chief Executive said:
“The Chancellor is stuck between the rock of shrinking economic activity and the hard place of an increasing fiscal imbalance. However, we’ll be looking for some commitments which, though relatively modest in cost, can soften the impact of the downturn and build capacity ready for a return to growth.”

Business rates
Reinstate empty property rates relief
Commit to transitional arrangements for the 2010 rerating

National Insurance
Scrap the planned increase – an extra tax on jobs will not help Londoners back to work

Transport
Bring forward ‘ready-to-go’ Network Rail and Transport for London projects, such as electrification of the Gospel Oak line and congestion relief work at Vauxhall and Finsbury Park

Housing
Allow the new Homes and Communities Agency to take equity stakes in development to increase new home building

Education
Release funding for selected College building to boost construction activity and increase capacity and quality of job-ready education

Tourism
Provide matched funding for the Mayor’s tourism marketing campaign. £5million could bring up to £300million of additional Euro and Dollar denominated spending.

ENDS

For further information, please contact:
Graham Capper on 020 7665 1505 / 07852 030 303

Notes to Editors
London First wrote to the Chancellor with a detailed budget submission on 8 April (Link to pdf)

London First is a business membership organisation with a mission 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

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 universities as well as further education colleges and NHS hospital trusts. London First members represent over a quarter of London’s GDP.

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