Chris Hayward, Policy Chairman at the Corporation, said:
“The Chancellor has delivered a mixed set of measures for the UK’s financial and professional services sector. No change on bank taxation is welcome and will reassure lenders. The confirmation of a stamp duty holiday for new listings should also help revive IPO activity and galvanise retail investors.
“But higher taxes on dividends and pension contributions risk discouraging saving and investment at a time when the UK needs to attract more capital. A stable, predictable and internationally competitive tax environment is essential to driving growth.
“Alongside these financial measures, we note the introduction of an Overnight Stay Levy. We recognise the aim of supporting local investment and London’s visitor economy, and are assessing how it can help the City remain a vibrant and attractive global destination. While we support measures that enhance competitiveness, any levy must be carefully designed with the Mayor, the GLA, boroughs and the City to avoid unintended impacts on hospitality and business.
“Today’s Budget marks progress in some areas, but we urge the government to work closely with the sector to strengthen its competitiveness and unlock growth.”
';
