Responding to the King’s Speech, Policy Chairman at the City of London Corporation, Chris Hayward, said:
“We welcome the Government’s plans to turbocharge business investment, accelerate infrastructure project planning, and champion our future industries.
“These actions combined could move the needle for growth. The Square Mile is ready to partner with the Government, working to help improve lives and livelihoods by creating well-paid jobs, investing in new technologies, and building new businesses.”
National Wealth Fund
“We welcome the National Wealth Fund Bill which could unleash a wave of funding to kick-start UK’s economic growth. Private investment will be doing the heavy lifting to support innovative firms and emerging tech.
“To crowd in private investment the Government along with regulators must pursue an environment that is less risk averse and allows UK financial services to unlock its full potential.”
GB Energy
“London is the world’s leading sustainable finance centre. Mobilising private capital to support the delivery of net zero is reliant on the financial services sector. Working together, public and private partnerships can seize opportunities such as the net zero transition to create new high-skilled jobs, lower costs for working families, and secure our nation’s green energy supply – making Britain a clean energy superpower.”
Pension Reform
“We welcome the Government’s commitment to continue with these vital pension reforms. The Mansion House Compact, led by the City of London Corporation, is making significant progress in a shifting pension allocation to unlisted equities which could improve long-term returns for savers and boost investment into British tech and life science firms. The Government must deliver on these pension reforms and provide transparency on their long-term investment strategy and policy priorities.
Responsible risk in pension policy and culture could unlock up to £75bn of investment, supporting businesses to start and scale here.”
Planning
“Economic growth is vital and the City Corporation agrees that the planning system should be a fundamental enabler of economic growth. We are encouraged by the Government’s plans to simplify planning and permitting, including grid connections, to accelerate project development and attract more investors.
“Alongside the changes to housing targets, delivering growth also means supporting commercial development, including workspaces that attract growing businesses, drives inward investment, and provides employment in the most sustainable locations such as the Square Mile. Continued reform is key to ensuring the UK’s competitiveness on a global scale.”
Digital Economy and AI
“We welcome the Government’s Bill to introduce a digital verification service. As our reports have shown implementing digital verification across a range of products and services could benefit businesses and consumers up to £4.8 billion by 2030, including by reducing fraud losses.
“And with technology developing at rapid speeds its important regulation keeps pace with reforms. Regulators working together for a consistent approach on AI or automation to reduce compliance burdens will create high standards, high speed, and high economic growth.”
OBR Reforms
“The Government’s decision to ensure the Office of Budget Responsibility must provide forecasts on spending is a welcome decision as stability is key to economic growth.
“Strengthening the OBR would give a more predictable and transparent policy environment, which in turn makes the UK more attractive and competitive.”
Devolution
“We welcome the devolution agenda of the Government and look forward to working with the Greater London Authority, London Boroughs and key stakeholders to ensure this devolution agenda drives economic growth and reduces inequalities. In addition to our role in London, the financial and professional services sector is a significant driver of jobs and prosperity throughout the UK, so working more widely with regions and nations will be key.”