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London First Budget reaction

Commenting on today’s Budget,

Baroness Jo Valentine, Chief Executive of London First said:
“The Chancellor was right to acknowledge the lasting damage the 50p tax will do to the economy if it were to become permanent, but what about the damage it is already doing to our international competitiveness. The 50% rate is bad for growth and bad for the Exchequer. The HMRC review – which we welcome – must take account of the many high earners discouraged from coming to the UK by this penal tax.”

Ends

Notes to Editors

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 further education colleges and all of London’s universities. London First members represent over a quarter of London’s GDP.

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