The prime minister must ensure that the “leveling” politics that help London promote the country’s green economy revival do not interfere.
After a week, evidence highlights the detrimental impact of Covid-19 on businesses and employees in London due to capital losses in visitor and commuter revenue. With the prime minister rightly explaining the need to take advantage of the green recovery, perhaps the most appropriate metaphor for Londons Spending Review requirements is that the government can instantly connect and charge London’s electric batteries to keep the nation sustainable. The road to recovery.
This recovery is even more urgent as London and the UK soon need to be in the best possible economic health to redefine their place on the world stage, compete and secure capital. London currently needs government support as much as the rest of the UK. Covid-19 did not take into account the capital-proven’leveling’ narrative, which recorded the second highest unemployment rate in the U.S. (6%) in the third quarter of 2020 (6%) and the largest labor decline in all UK regions. (104,000). London had the highest share (13%) in the UK, according to the most recent furlough planning statistics.
Of course, the need to level the UK economy is clear, and London business actually supports it. But in conveying that, we must ensure that no party politics or the assumption that London is self-healing will punish capital. This is not a zero-sum game. London’s recovery is Britain’s recovery. They overpower London and overpower Britain.
For example, investments in long-term payments in Transport for London are also investments in TfL’s supply chain across the country. It’s also an investment in the transport network that tourists rely on to visit and spend other UK locations at London Airport. In fact, ensuring London’s airports thrive is said to benefit regional airports and level the agenda in the process. Expenditure reviews should show support for both the TfL and the aviation sector, especially to ensure that the latter introduces consistent airport testing.
Until the vaccine is approved, testing plays a key role in both the health and economic management of this virus. Along with the British Chamber of Commerce, the London Chamber of Commerce (LCCI) requests a wide range of open funding for immediate and significant improvement of its testing and tracking program to ensure efficient rolling. Fast processing and fast tracking of results. We don’t need a world-class system. It’s a system that can balance simply working and dealing with viruses with giving businesses, employees, and customers the confidence they need to rebuild their economy.
To back up this building, we are looking for a lot from the government for London business in conclusions on Wednesday’s spending review. These include:
Keep business fee holidays for an additional 12 months. Deferral extension of all tax liabilities until July 2020. Elimination of the obligation to pay interest on arrears on such debt. VAT cuts for hospitality are extended beyond March 2021. Extends the threshold of hospitality subsidies beyond 51,000.
To mitigate the impact of Covid-19 on London’s attractiveness as a global flagship destination, Spending Review should also consider:
Cancels the decision to abolish the VAT refund for overseas visitors. This plan should be extended and digitized for European visitors. Increase theater tax cuts to help theaters contribute to London’s cultural recovery and provide tax cuts to supply chain businesses serving the arts and cultural sectors. Admission is reduced for forms of entertainment that are not currently exempt, such as commercial performances. Introduce financial assistance to cover the cost of reopening, cover the difference between ticket sales and break-even, and cover the cost of cancellations if there are additional movement restrictions. Invest in renovating your Central London location to improve environmental performance and reduce operating costs.
The final point brings us back to the theme of the introductory metaphor: London’s green recovery.
LCCI welcomed the Prime Ministers’ commitment to making London a global center for green finance, and recently announced initiatives to support it, such as the implementation of a green taxonomy and the introduction of national green bonds.
Additional government support can encourage SMEs to embrace this transformation and play a strong role in innovation. In addition, the investment should be aimed at enabling local governments to quickly deliver retrofit projects across capital residential, commercial and industrial assets.
Investment in TfL increases the carbon efficiency of TfL’s own network, promotes employment by increasing the number of electric vehicle charging stations and providing infrastructure to support walking and biking, as well as a scrap plan to help businesses transition to ultra-low emission vehicles. Will do.
So, I urge the government to release the right support on Wednesday so that London can immediately begin the UK’s Covid-19 and green recovery. Leveling up will also be part of the journey.
Richard Burge is the Chief Executive Officer of the London Chamber of Commerce & Industry. Follow Richard on Twitter and follow LCCI.
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