In response to the Government’s Budget, Chris Hayward, Policy Chairman at the Corporation said:
“As the Government has taken the decisions to raise taxes, increasing the cost of doing business in the UK, it’s vital these changes are balanced with measures to enhance our competitiveness. A coherent, stable, predictable and internationally-competitive tax regime is essential; therefore, a tax roadmap and the capping of corporation tax are positive steps in that direction.
“Infrastructure investment and targeted spending on green technologies and transport are essential to supporting long-term economic growth. The Chancellor’s decision on bringing HS2 to Euston is a prime example of this and a welcome announcement.
“The Government’s new Industrial Strategy is also a positive development. The inclusion of the financial and professional services sectors – contributing £110 billion annually – in the Industrial Strategy is a clear recognition that the sector is a vital engine of growth in the UK economy, and the City is ready to play its part in delivering the strategy’s ambitions.
“The City stands ready to contribute to the Government’s goal to unlock growth and create jobs. Achieving this vision will require policy clarity and stability that empower businesses to invest and innovate in the UK.”